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What is the inventory system employing accounting records that continuously disclose the amount of inventory remaining called?
perpetual
Many high-technology companies like nortel networks micron technology and jds uniphase have written down massive amounts of their inventory for example nortel networks revalued some of its invent?
Many high-technology companies, like Nortel Networks, Micron Technology and JDS Uniphase, have written down massive amounts of their inventory. For example, Nortel Networks revalued some of its inventory parts at $0, though the inventory initially cost Nortel $650 million.Companies are required to report whether they write off the cost value (or book value) or their inventory even if they do not dispose of the inventory. Later on, they may sell this inventory but are not required to report the sale for cash of previously "worthless" inventory. The effect may be that in future years, when the inventory is sold, profits are overstated.Also in the article, JDS Uniphase said it will write off $250 million of its inventory but promised to disclose any future sale. On the other hand, Micron Technology, which wrote down $260 million, won't disclose any future sale (Krantz, 2001). Should the Securities and Exchange Commission do anything? Why?
How do the consistency principle and the full disclosure principle affect inventory valuation?
Consistency principle indirectly affects inventory value as one would need to use the same cost assumption all the time (FIFO or avg cost). Full disclosure doesn't affect inventory valuation but one would need to disclose to investors the cost assumption used in the financial statements.
What is the Principles of financial accounting?
As an accountant of a public company (one with stocks, etc), if you obtain information that could affect the value of the stocks (etc.) you may not disclose this information to any third party.
What is the disclosure principle of financial accounting?
As an accountant of a public company (one with stocks, etc), if you obtain information that could affect the value of the stocks (etc.) you may not disclose this information to any third party.
What is the sentence for disclose?
i would love to show you, but i cant disclose it.
Do private companies disclose earnings?
no they are not bound to disclose there earnings. its optional
Give you a sentence with the word disclose?
She wouldn't disclose where she had bought her shoes.
What information does Anne Frank disclose about her grandparents?
esne disclose about her grandparents
What is ssap 16r?
SSAP 16R, or Statement of Standard Accounting Practice 16 Revised, is a financial accounting standard in the UK that provides guidelines for the treatment of property, plant, and equipment. It outlines how to recognize, measure, and disclose these assets in financial statements, emphasizing the importance of fair value and depreciation. SSAP 16R was designed to improve consistency and transparency in financial reporting for businesses. It has since been replaced by FRS 102 in the UK accounting framework.
What is the opposite of disclose?
To disclose is to share information that was hidden. The opposite would be to conceal.
Which accounting principle requires that transaction should be recorded in the period they occurred?
There is no one accounting principle that requires that a transaction be recorded in the period it occurs (commonly referred to as accrual basis accounting). There is a conceptual statement that the Financial Accounting Standard Board has issued with regard to the use of accrual accounting. The Financial Accounting Standards Board has issued STATEMENT OF FINANCIAL ACCOUNTING CONCEPTS NO. 6: ELEMENTS OF FINANCIAL STATEMENTS which states in paragraph 134: Items that qualify under the definitions of elements of financial statements and that meet criteria for recognition and measurement are accounted for and included in financial statements by the use of accrual accounting procedures. The basis of accounting, whether cash basis or accrual, should be disclosed in the notes to the financial statements so that the financial statement reader is aware which method of accounting is in use. Generally accepted accounting principles (GAAP) does require the accrual basis of accounting; nevertheless, businesses can present their financial statements on a cash basis as long as proper disclosures are made. The financial statement opinion rendered by the external audit firm would also disclose that the cash basis of accounting is being used.
