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Value of Inventory is an asset on the balance sheet.
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Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information?
timeliness
Does consignment stock have to be reported as inventory?
Yes, consignment stock must be recorded and reported. It is a non-asset inventory and must be documented.
Merchandise Inventory is found on the income statement. True or false?
It is true that merchandise Inventory is found on the income statement.
Is income statement same as financial statement?
no. income statement is a only a statement in financial statements.
How does revaluation of inventory affects the cashflow statement?
Revaluation of inventory has no net effect on the cashflow statement as there has been no movement in cash. If the value of inventory is increased, the debit entry to inventory revaluation is negated by the credit entry to the revaluation reserve / shareholders' funds. If the value of inventory is decreased (more common), the credit entry to inventory writedown is negated by the debit entry as an expense or cost of sales item through the "statement of financial position" to retained earnings / shareholders' funds. Treatment and disclosure of course would vary depending on the materiality, timing, accounting standards applicable to the jurisdiction and legislative / regulatory requirements with which the entity is obliged to comply.
Unearned revenue is reported in the financial statement as what?
How do you reported unearned janitorial revenue in the financial statements
Where is the amount of merchandise inventory disclosed in the financial statements?
Amount of merchandise inventory is disclosed at the bottom of the financial statement under balance sheet.
What part of the elements of financial statements does inventory bleong to?
Inventory is part of Balance sheet as well as income statement. Inventory is shown as an asset in balance sheet and as an expense when used in income statement.
Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information?
timeliness
What financial statement does merchandise inventory at end of period go on?
Closing merchandise inventory belongs on both the income statement and the balance sheet. On the income statement, it is included under Cost of Goods Sold; on the balance sheet it is categorised under Current Assets.
The Cost of Goods Sold account is classified as?
Expense on the income statement. The COI or Merchandise Inventory is reported on the balance sheet as an asset.
What is a personal financial statement form for?
A personal financial form is a formal record of all the financial activities completed by that entity, whether a business, or an individual. Reported assets, liabilities, equity, income and expenses are directly related to an entity's financial position, and a financial statement should present this clearly.
Does consignment stock have to be reported as inventory?
Yes, consignment stock must be recorded and reported. It is a non-asset inventory and must be documented.
Where do the Maintenance expense go on the financial statement?
Maintence Expense is just like any other expense and will be reported on the income statement and deducted from Gross Income to obtain Net Income...
Can you consider notes to financial statement to be a financial statement?
Notes to financial statement can be considered to be a financial statement since they report the details and additional information that are left out.
Merchandise Inventory is found on the income statement. True or false?
It is true that merchandise Inventory is found on the income statement.
How should nonconsolidated subsidiaries be reported in consolidated financial statements?
Nonconsolidated subsidiaries are expected to be relatively rare. In those situations where a subsidiary is not consolidated, the investment in the subsidiary should be reported in the consolidated statement of financial position at cost, along with other long-term investments.
