consistency prin - states that a business should use the same accounting methods and procedures from period to period , disclosure principle - states that financial statements should report enough information for outsiders to make knowledgeable decisions about the company, materiality concept - states that a company must perform strictly proper accounting only for items that are significant to business's financial situation, conservatism - a business should report the least favorable figures in the financial statements when two or more possible options are presented , specific ident - Is an inventory costing method based on the specific cost of particular units of inventory, inventory costing - approximates the flow of inventory costs in a business that is used to determine the amount of cost of goods sold and ending merchandise inventory, FIFO - Assumes the first units purchased are the first to be sold, LIFO - As inventory is sold, the cost of the newest item in inventory is assigned to each unit as a cost of goods sold, Weighted-Average - Computes a new weighted average cost per unit after each purchase,

Acct 4A_Warm-Up_3.8.23

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