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What are the methods to determine inventory cost?
Generally accepted accounting principles will typically carry inventory value based on one of these three systems: 1. FIFO - First in first out. 2. LIFO - Last in first out. 3. Moving Average
Is LIFO allowed under GAAP?
Yes, LIFO (Last In, First Out) is allowed under GAAP (Generally Accepted Accounting Principles) but it is less commonly used compared to FIFO (First In, First Out) due to its impact on inventory valuation and tax implications.
What is the reationship beTween GAAp and GAAs?
GAAP (Generally Accepted Accounting Principles) is a set of accounting rules and standards used in the United States, while GAAS (Generally Accepted Auditing Standards) is a set of auditing standards used by auditors when examining and reporting on financial statements. While GAAP provides guidelines for how financial statements should be prepared, GAAS provides guidelines for how auditors should conduct their audits and issue their reports. In summary, GAAP focuses on accounting principles, while GAAS focuses on auditing standards.
How the legislation and accounting concepts affect an organization's accounting policies?
Reporting methods, measurement systems, and disclosures used by a specific company. The accountant should evaluate the appropriateness of accounting policies employed by management. A description of the company's accounting policies should be presented in a separate section preceding the footnotes to the financial statements or as the first footnote. Disclosure of accounting policies should include Accounting Principles and methods of application that involve: (1) a selection from generally accepted alternatives; (2) those peculiar to the industry or field of endeavor; and (3) unusual or different applications of Generally Accepted Accounting Principles (GAAP). Examples of disclosures are basis of Consolidation, depreciation methods, and inventory pricing. Disclosure of accounting policies assists financial readers in better interpreting a company's financial statements. Thus it results in fair presentation of the financial statements.
How legislation and accounting concepts affect an organization accounting policies?
Describe how the legislation and accounting concepts affect an organisation's accounting policiesReporting methods, measurement systems, and disclosures used by a specific company. The accountant should evaluate the appropriateness of accounting policies employed by management. A description of the company's accounting policies should be presented in a separate section preceding the footnotes to the financial statements or as the first footnote. Disclosure of accounting policies should include Accounting Principles and methods of application that involve: (1) a selection from generally accepted alternatives; (2) those peculiar to the industry or field of endeavor; and (3) unusual or different applications of Generally Accepted Accounting Principles (GAAP). Examples of disclosures are basis of Consolidation, depreciation methods, and inventory pricing. Disclosure of accounting policies assists financial readers in better interpreting a company's financial statements. Thus it results in fair presentation of the financial statements.
The first generally accepted Rock n Roll concert was?
Probably pretty good!
Which city is generally accepted as the first city of Mesoamerica?
The city of Teotihuacan is generally accepted as the first city of Mesoamerica. It was a major cultural and religious center located in the Basin of Mexico, known for its impressive pyramids and large urban population during the Mesoamerican Classic period.
What is the relationship of cost accounting to financial accounting and management accounting?
Cost Accounting related to accounting methods and techniques used by managers to operate their firms. Examples include raw materials, labor and manufacturing overhead management. On the other hand, Financial Accounting refers to generally accepted accounting principles that produce results (profit, earnings per share) which are reliable (can be used by analysts and creditors to predict future earnings) and comparable (with other companies). The first type deals more with managerial issues and does not define any "proper" way of reporting a company's financial statements, while the second one is all about bringing a common set of rules that all companies should follow when reporting performance results.
Who invented the first jet?
Sir Frank Whittle is generally accepted as the inventor of the modern turbo jet engine
Is the moving average inventory method GAAP?
Moving average inventory method is not GAAP (generally accepted accounting principles). LIFO (last in, first out) or FIFO (first in, first out) are GAAP. FIFO is the most common method and easy to compute; however LIFO may be used but is much more complicated to compute unless your businesses computer system computes the LIFO computation.
Where and when was the first audio recording taken?
Generally accepted as by Thomas Edison around 1877 on tinfoil - Mary had a little lamb
What animals came with the Aborigines when they migrated to Australia?
It is generally accepted that the dingo arrived from Asia with the Aborigines when they first came to Australia.
