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What is the inventory method that charges the most recent cost incurred against revenue?
LIFO
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What is the inventory costing method that charges the most recent costs incurred against revenue?
LIFO
What is the inventory costing method that charge the most recent incurred against revenue?
LIFO
The inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred is?
FIFO
Inventory costing method charges the most recent costs incurred against revenue?
The inventory costing method that charges the most recent costs incurred against revenue is known as the Last-In, First-Out (LIFO) method. Under LIFO, it is assumed that the last items added to inventory are the first ones sold, resulting in higher cost of goods sold during periods of rising prices. This can lead to lower taxable income and reduced tax liability, but it may also result in lower reported profits. LIFO is less commonly used under International Financial Reporting Standards (IFRS), which do not permit its use.
What is reveue?
Revenue is an income incurred in business.
Expenses incurred while earning revenue should be reported in the same period that the income is reported?
matching principle
the excess of revenue over the expenses incurred in earning the revenue is called capital?
False
What does revenues is not accrued mean?
Accrued revenue refers to revenue that has been incurred (earned) but not yet received.
What is the difference between revenue expenditure and deferred revenue expenditure?
Revenue expenditure is that which is incurred in anticipation of generating future income for not more than one yr for example- exp incurred in sales promotion and advertisement of an enterprise. Whereas deferred revenue exp. are those for which payment has been made or a liability has been incurred on the presumption that it will be of benefit over a subsequent period or periods
Is inventory a revenue account?
No, inventory is not a revenue account; it is classified as an asset on the balance sheet. Inventory represents the value of goods and materials a company holds for sale or production purposes. Revenue accounts, on the other hand, reflect the income generated from sales of goods or services. When inventory is sold, it then contributes to revenue, but until that point, it remains an asset.
Is inventory recorded at the sales price or cost?
Inventory is recorded at cost, not at sales price. This includes all expenses incurred to bring the inventory to its current condition and location, such as purchase price, shipping, and handling costs. The sales price is only relevant when the inventory is sold, at which point revenue is recognized. This method aligns with the generally accepted accounting principles (GAAP) and ensures accurate financial reporting.
What is revenue leakage in a concurrent audit?
IF BANK NOT COVER CHARGES TO ITS CUSTOMERS THAN WE SAID THAT ITS A REVENUE LEAKAGE. CHARGES MEANS-INTERESTS,INSPECTION CHARGES, PROCESSING CHARGES, LOCKER RENT CHARGES etc.
