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What is adjusted purchase?
the term adjusted purchase means the purchase value adjusted with opening stock and closing stock. i.e.- adjusted purchase= opening stock+purchases-closing stock Jitendra Kumar Nath 7418738372
How do you calculate closing stock in the trading account?
To calculate closing stock in the trading account, you need to follow these steps: Determine Opening Stock: Start with the opening stock value, which is the value of inventory at the beginning of the accounting period. This information is typically available from the previous period's financial records. Add Purchases: Add the total value of purchases made during the accounting period. This represents the cost of the goods or inventory acquired during the period. Calculate the Cost of Goods Available for Sale: To calculate the cost of goods available for sale, add the opening stock (step 1) and the total purchases (step 2). This figure represents the total inventory value available for sale during the period. Deduct Cost of Goods Sold (COGS): Determine the cost of goods sold during the accounting period. This represents the value of inventory that was sold or used. The COGS is usually available in your income statement. Calculate Closing Stock: Subtract the COGS (step 4) from the cost of goods available for sale (step 3). The result is the value of the closing stock, representing the remaining inventory at the end of the accounting period. The formula for closing stock in the trading account is: Closing Stock = Opening Stock + Purchases - Cost of Goods Sold It's important to note that the method used for valuing inventory, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out), can impact the calculation of closing stock. The choice of inventory valuation method should be consistent with accounting principles and the company's practices.
What is the value of carrying out closing activities for an IT project?
-The closing process will help you learn how to do things better on your next project.
What are the advantages of using the dollar-value LIFO method?
There is pretty much only 1 advantage of LIFO: tax deferral.
What do you mean by work in progress in cost accounting?
work in progress means the raw materials which are kept processing but not yet finished,it excludes the opening stock of raw materials and closing stock of finished goods its value is higher than raw material but significantly low as cost of finished goods
Is closing stock appear in the trail balance?
Yes it should. It is possible that the closing stock would be shown as the opening stock with a change in stock value separately which would give the closing stock.
What is adjusted purchase?
the term adjusted purchase means the purchase value adjusted with opening stock and closing stock. i.e.- adjusted purchase= opening stock+purchases-closing stock Jitendra Kumar Nath 7418738372
Is there is closing stock is equal to current assets subtracted to liquid assets?
The physical stock of raw materials, semi finished and finished goods as on the date of closing say 31St December or 31st March is ascertained on checking/counting that match with the book value is called closing stock
What is Principal of valuation of closing stock?
from ssap 9 lower of cost or net realisable value
The conversion of preferred stock may be recorded by the?
book value method
What does change mean in a stock listing in the newspaper?
In a stock listing in a newspaper, "change" typically refers to the difference between the current trading price of a stock and its previous day's closing price. It indicates whether the stock's value has increased (positive change) or decreased (negative change) since the previous day.
What is the accouting effect of closing stock is 5000 kilograms as per books of account but as per physical value it is 4500 kilograms?
this is overvaluing of closing stock --> gross profit overstate --> net profit overstated. current assets overstated.
Bell Atlantic stock value?
On September 22, 2000 Bell Atlantic changed their name to Verizon. The last closing stock price for Verizon was $49.39.
What does it mean when the stock markets in the green?
Market index is increasing with comparison to its closing value at last trading day.
How do you calculate closing stock in the trading account?
To calculate closing stock in the trading account, you need to follow these steps: Determine Opening Stock: Start with the opening stock value, which is the value of inventory at the beginning of the accounting period. This information is typically available from the previous period's financial records. Add Purchases: Add the total value of purchases made during the accounting period. This represents the cost of the goods or inventory acquired during the period. Calculate the Cost of Goods Available for Sale: To calculate the cost of goods available for sale, add the opening stock (step 1) and the total purchases (step 2). This figure represents the total inventory value available for sale during the period. Deduct Cost of Goods Sold (COGS): Determine the cost of goods sold during the accounting period. This represents the value of inventory that was sold or used. The COGS is usually available in your income statement. Calculate Closing Stock: Subtract the COGS (step 4) from the cost of goods available for sale (step 3). The result is the value of the closing stock, representing the remaining inventory at the end of the accounting period. The formula for closing stock in the trading account is: Closing Stock = Opening Stock + Purchases - Cost of Goods Sold It's important to note that the method used for valuing inventory, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out), can impact the calculation of closing stock. The choice of inventory valuation method should be consistent with accounting principles and the company's practices.
How can one properly account for stock options in financial statements?
Stock options are typically accounted for using the fair value method, where the value of the options is estimated and recorded as an expense on the company's financial statements. This helps provide a more accurate representation of the company's financial position and performance.
Difference in using a method that return value and method that does not return value in object orinted programming?
A method that return a value should have a return statement. The method signature should indicate the type of return value. While in the case of a method that does not return a value should not have a return statement and in the signature, the return type is void. When using a method that doesn't return a value, a programmer can not get a value from that function, but instead, it can only change variable values and run other methods.
