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Is Mark to Market accounting accepted under generally accepted accounting principle?
Wiki User
∙ 12y ago
no, it only accepts it once we take up fair values not the fair market values bcz somtimes market under value a perticular asset
Wiki User
∙ 14y ago
Wiki User
∙ 12y agoNo
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Generally accepted accounting principles require that the inventory of a company be reported at?
lower of cost or market
Does lower of cost or market value rule violate historical cost basis?
the cost principle GAAP (generally accepted accounting principles) is violated by using this method of inventory cost flow as is the principle of conservatism as using this method will create the largest amount of net income which is good to show shareholders, bad for tax purposes and contradicts these two GAAP's.
What is cost principle?
Accounting concept that goods and services purchased should be recorded at their historical cost and not at their current market value.
What is Market to market accounting standards?
I think you mean "Mark to Market" which is an accounting technique in which assets are valued at their current market value and not a previous value or future value. Mark to Market is also known as "Fair Value" accounting.
What is Historical cost principle?
The historical cost principle is an accounting principle that requires transactions and economic events to be valued in the financial statements at the actually dollar amounts involved when the transaction or economic event took place.For example if the market price of a teddy bear is $5.00 but you are able to bargain your way into getting it for $4.50, the historical cost principle requires that you record the teddy bear at $4.50.
How does Guam process food?
Pig farming, the principle agricultural activity in Guam, uses accepted methods of butchering and processing of pork products, in order to bring their products to the local market..
How do you treat fixed assets in inflation accounting?
At current Market Value
What are the most popular accounting software packages?
Some of the most popular accounting packages on the market today include, Lower End options, which is a very affordable package. Sage One, especially designed for small businesses. And Quick Books, which is the market leader in entry level accounting.
What is most closely linked to accounting conservatism?
Lower of cost or market rule
What are the solutions for financial accounting and reporting?
The solutions for financial accounting and reporting are maintained by a well developed system. Many are available on the market and integrate the actual data accounting with automated report generation.
What is a key principle of a market economy?
Make as much money as possible.
What is the key principle of a market economy?
businesses are owned by the people collectively
