While reporting inventory in the final accounts, which rule is used as accounting prudence? (a) Showing all

Question:

While reporting inventory in the final accounts, which rule is used as accounting prudence?

(a) Showing all inventory items at cost or market price, whichever is less

(b) Showing inventory always at cost

(c) Showing raw material at cost and finished goods at market price

(d) Always showing both raw material and finished goods at market price

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9780071078023

1st Edition

Authors: Dhanesh K. Khatri

See More Books

Question Posted: Dec 15, 2023 11:39 PM

See More Questions

The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
You are the Chief Accountant of a sugar factory, whose cost of production per tonne of sugar is given below: Salaries, wage and bonus include administration salaries Rs. 20. You have been valuing the...
The main activity of J&T Ltd is to buy old vehicles, which are sold after converting them into a saleable condition. At 28 February 2018, the end of the companys financial year, J&T Ltd had the...
On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: a. Prepare a multiple-step income statement for the year...
A long piece of wire with a mass of 0.100 kg and a total length of 4.00 m is used to make a square coil with a side of 0.100 m. The coil is hinged along a horizontal side, carries a 3.40-A current,...
For each pair of functions, determine whether g(x) = f(-x). f(x) = x + x - 81x 17, g(x) = x + x + 81x 17
In a simple throwball game on ice, a $90-\mathrm{kg}$ athlete throws a $1.0-\mathrm{kg}$ ball at $15 \mathrm{~m} / \mathrm{s}$. The ball is caught by his $80-\mathrm{kg}$ teammate. If \(20...
Osprey Sports stocks everything that a musky fisherman could want In the Great North Woods. A Particular musky hire has been very popular with local fishermen as well as those who buy lures on the...
For a particular Java assembler interface, it is known that the operand stack size has the following probability distribution function: 0 1 2 3 4 . 2 5 . 2 0 . 1 8 . 1 7 . 2 0 What is the Expected...
As per income tax rules, which of the following Sections is applicable for inventory valuation? (a) Sec. 80HHC (b) Sec. 145 (c) Both (d) Neither of these
According to ICAI rules, which of the following methods of pricing issues has been discontinued? (a) FIFO (b) LIFO (c) HIFO (d) Weighted average
Explain how to solve a separable differential equation of the form g(y) y'(t) = h(t).
A contract will pay you $ 5 0 0 0 per year every other year for the next 3 0 years. That is , since today is time 0 , the contract will pay you $ 5 0 0 0 in year 2 , 4 , 6 , . . . , 2 8 , 3 0 . The...
Next year you expect the Bluth Company to pay a dividend of $3.50. You also expect the dividend to grow at 4% a year indefinitely, and you would require a 12% return to hold the stock. What is the...
The article reviews several small-scale studies regarding the effects of promoting patient access to medical records. The authors of the article conclude that allowing patient access and request for...
The Gothic period emerged during a time of considerable social and political change. How did the evolving social and political environment of the twelfth and thirteenth centuries encourage the...
Discuss and Name the four types of damage that are most commonly excluded from insurance coverage.
Charitable Contribution Deduction Limitation Zeta Corporation reports the following results for 2006 and 2007: The adjusted taxable income is before Zeta claims any charitable contributions...
Based on the scenario described below, generate all possible association rules with values for confidence, support (for dependent), and lift. Submit your solutions in a Word document (name it...
For some of the fixed assets of a business, the balance in Accumulated Depreciation is exactly equal to the cost of the asset. (a) Is it permissible to record additional depreciation on the assets if...
For some of the fixed assets of a business, the balance in Accumulated Depreciation is exactly equal to the cost of the asset. (a) Is it permissible to record additional depreciation on the assets if...
Bridger Ski Co. has developed a tract of land into a ski resort. The company has cut the trees, cleared and graded the land and hills, and constructed ski lifts. (a) Should the tree cutting, land...
Watts and Lyon are forming a partnership. Watts invests $40,500 and Lyon invests $49,500. The partners agree that Watts will work one-fourth of the total time devoted to the partnership and Lyon will...
Pixel Studio, Incorporated, is a small company that creates computer-generated animations for films and television. Much of the company's work consists of short commercials for television, but the...
The Hester Corporation, a diversified distribution company, purchases cartons of canned golf balls from the LongDistance Company and markets the balls under the Hester brand name. Hester started...

While reporting inventory in the final accounts, which rule is used as accounting prudence? (a) Showing all

Question:

Step by Step Answer:

a Showing all ...View the full answer

Financial Accounting

Students also viewed these Business questions