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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
Is weighted average inventory valuation GAAP?
Yes, along with FIFO and LIFO, Weighted average is a generally accepted accounting principle.
What is the meaning of Perpetual and periodic system of accounting?
Perpetual System is that system in which company continuously updates the value of inventory while in periodic system inventory valuation is done only for closing inventory when company done physical inventory calculation.
What has the author William J Bruns written?
William J. Bruns has written: 'Accounting for managers' -- subject(s): Managerial accounting, Case studies 'Accounting for inflation' -- subject(s): Replacement of industrial equipment, Cost accounting, Inflation (Finance) and accounting 'A simulation study of alternative methods of inventory valuation' 'Introduction to accounting' -- subject(s): Accounting
What is the difference between pricing inventory and valuation inventory?
in fact there is no diff.
What is the separate valuation principle in Accounting?
The Separate Valuation Principle states that inventory should be valued at the lower of cost (costs minus additional costs to make item saleable ,eg.conversion costs,transportation cost etc.) and its Net Realizable value.
What is the distinction between cost accounting and management accounting?
Cost accounting is concerned with cost accumulation for inventory valuation to meet the requirements of external reporting and internal profit measurement.Management accounting relates to the provision of appropriate information for decision-making, planning, control and performance evaluation. (Extracted from Cost and Managment Accounting by Colin Drury, Sixth Edition)
What are the methods of tax planning?
Tax planning methods for small business include accounting methods and validation methods. Other methods include the accrual method and inventory valuation methods.
What has the author L Paul Hood written?
L. Paul Hood has written: 'Valuation' -- subject(s): Gifts, Tax assessment, Inheritance and transfer tax, Taxation, Valuation, Real property 'A Revierer's handbook to business valuation' -- subject(s): Business enterprises, Corporations, Accounting, Law and legislation, Valuation, Standards
How many accounting standard arein India?
As per the IASs/IFRSs, so far 30 Indian Accounting Standards have been issued: AS1 - Disclosure of Accounting Policies AS2 - Valuation of Inventories AS3 - Cash Flow Statements AS4 - Contingencies and Events Occuring after the Balance Sheet Date AS5 - Net Profit or Loss for the period, Prior Period Items and Changes in Accounting Policies AS6 - Depreciation Accounting AS7 - Construction Contracts AS8 - Accounting for Research and Development ( Wirhdrawn pursuant to AS26 becoming mandatory ) AS9 - Revenue Recognition AS10 - Accounting for Fixed Assets AS11 - The Effects of Changes in Foreign Exchange Rates AS12 - Accounting for Governement Grants AS13 - Accounting for Investments AS14 - Accounting for Amalgamations AS15 - Employee Benefits AS16 - Borrowing Costs
What costs are to included in the valuation of inventory?
suppose
What is difference between periodic inventory and perpetual inventory?
Periodic inventory method calculate ending stock at the end of the accounting period, which could be Month to Date or Year to Date, while Perpetual inventory system calculates the ending stock on a continuous basis after each transaction (Purchase or Sell). Within Retail industry, periodic inventory method used for inventory valuation at the stores, whereas distributer like SuperValu (in US) follows perpetual inventory method to track inventory in their distribution centers. As a best practice, some of the retail companies are using perpetual accounting method to track inventory available in warehourses and distribution centers. In an idealistic world, perpetual inventory method can provide the true and real time inventory information, however due to complexities in consolidating all the purchases, sales, shrinkages and other market factors, it is advisable for retail companies to follow periodic accounting method to analyze and review the results before presenting the inventory valuation results to internal and external agencies like Shareholders, Income Tax Authorities, et el.
