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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?
Wiki User
∙ 13y ago
FIFO
Wiki User
∙ 13y ago
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Are period cost a part of inventory cost?
No, A period cost is not the part of inventory cost. Period cost must be charged in the period in whcih it is incurred.
What effect will disinflation following a highly inflationary period will have on the reported income of the firm?
A great change in ratios will occur as expensive inventory is charged against softening prices.
What is marginal costing and direct costing?
Marginal costing is a technique of costing where the variable expenses are charged to a product. It ignores the fixed expenses incurred by the business in fixing the price of a product on the assumption that the fixed expenses are not incurred in producing an additional unit.They are treated as period costs& charged directly to P& L A/C.Marginal cost is the cost of producing an additional unit of product.It takes the direct expenses & the variable portion of the overhead expenditure. But Direct costing takes into account only the direct expenses like direct mterials, direct labour & direct expenditure for finding out the cost of a product.
What is provision for doubtful debt?
An item on the balance sheet that falls under liabilities. A provision is "raised" when the company has an expense for which it has not yet received an invoice and therefore does not know the amount. The provision is an estimate, which is charged against profits because the expense was incurred in the accounting period, which is being reported
When prices are increasing which inventory method will produce the highest cost of goods sold?
Lifo (Last in first out) method will produce highest cost of goods sold because inventory with higher value will be charged first as it arrived in last.
Are period cost a part of inventory cost?
No, A period cost is not the part of inventory cost. Period cost must be charged in the period in whcih it is incurred.
What effect will disinflation following a highly inflationary period will have on the reported income of the firm?
A great change in ratios will occur as expensive inventory is charged against softening prices.
Can creditors force a lien on property your wife owns if you are criminally charged?
No. Not unless they can prove the debts were incurred for her benefit.
What is marginal costing and direct costing?
Marginal costing is a technique of costing where the variable expenses are charged to a product. It ignores the fixed expenses incurred by the business in fixing the price of a product on the assumption that the fixed expenses are not incurred in producing an additional unit.They are treated as period costs& charged directly to P& L A/C.Marginal cost is the cost of producing an additional unit of product.It takes the direct expenses & the variable portion of the overhead expenditure. But Direct costing takes into account only the direct expenses like direct mterials, direct labour & direct expenditure for finding out the cost of a product.
Incidental costs incurred in the purchase of land that are charged to Land Improvements will affect net income at some future time?
That is true.
Can an unauthorized credit card user be responsible for debt that was charged?
If you were unauthorized, you can be held legally -- and possibly ciminally -- responsible for any debt you incurred.
Reserve Is a charge against profit or not?
no.it is not charged against profit
What is provision for doubtful debt?
An item on the balance sheet that falls under liabilities. A provision is "raised" when the company has an expense for which it has not yet received an invoice and therefore does not know the amount. The provision is an estimate, which is charged against profits because the expense was incurred in the accounting period, which is being reported
What is doubtful debt provision?
An item on the balance sheet that falls under liabilities. A provision is "raised" when the company has an expense for which it has not yet received an invoice and therefore does not know the amount. The provision is an estimate, which is charged against profits because the expense was incurred in the accounting period, which is being reported
What do you get charged with for cannibalism?
crimes against humanity
How calculate total period cost?
A total period cost is anything that is not prepaid. To calculate period cost, just include anything that is charged in the period incurred.
The war criminals were charged with what?
Crimes against humanity
