Question: What is the appropriate way for inventory in the home
What is the appropriate way for inventory in the home building industry to be written down if its fair value permanently drops below cost? What is the applicable accounting standard?
Answer to relevant QuestionsWhen is the percentage of completion method used in the residential home building industry and why?What controls are effective for the movement of inventory?What does the auditor consider in concluding on whether management’s underlying assumptions for estimates are appropriate?What are the major controls over owner’s equity? What are management’s key assertions over the equity accounts?First Issue of Long-term Debt: In early May 2009, the 34-year old Microsoft Corp. issued its first ever long-term debt. The company took advantage of its AAA rating and low rates to issue $3.75 billion of 5-year, 10-year, ...
Post your question