Should Government Report Their Capital Projects And Debt Services Activities?

As focusing on each of the five management assertions for the inventory account, we discovered that there are some risky areas that indicate the need for further attention during the audit. First of all, for existence or occurrence, all items in the inventory account must physically exist and be available for sale. Thus, the auditors should physically count finished goods, copper rod, and plastic inventories, and determine actual increase of inventories at year end. Also, they should select items from the inventory ledger and locate them and reconcile the quantity. Second, for completeness, the auditors should make sure that all existing inventories have been recorded completely , go around the warehouse and ensure all the inventories are recorded in the inventory ledger. Third, for valuation or allocation, the auditors should make sure that Laramie Wire manufacturing sticks with one valuation method(For inventory items, valuation is based on the lower of cost or market value, with several alternative methods for calculating cost), find out if there is any scrap inventory that needs to be recorded and written off ,and ask about obsolescence items. Fourth, for rights and obligations, the auditor should ask them if there is any consigned inventory at their warehouse. If there is, those inventories should not be recorded in the company's inventory ledger. Finally, for presentation and disclosure, the auditors should review the company's financial

The process requires Peyton Approved to discover how much inventory is sold and what the cost of goods will result in. The process requires the business to review three forms of merchandise inventory to determine which summary benefits the business’s operational behavior. One will discover when assuming that first inventory purchased by the store is the first to be sold, it is determined that the FIFO method displays the best financial outcome for the business. During the process of updating journal entries, one must enter the information proved appropriately into the T-accounts to add the balance under each record. Once the T-accounts for transactions and adjusted transactions are balanced, the next step is to enter the information provided on the balance sheet. The balance sheet will list Peyton Approved assets, liabilities and stockholders equity after added during the T-account process (Nobles, 2014). Once the balance sheet is completed the income statement, statement of retained earnings, and closing entries can be filled with the information proved. This will give the business a full review from journal entry to closing entries of the business for the six month accounting

In the summary of significant accounting policies, what is The Buckle's procedure in accounting for inventory?

This research paper will detail the modified accrual revenue recognition in State and Local Government (SLG) accounting. There will also be discussions on the guidance of governmental fund expenditure recognition, and how it is used in state and local governments. Certainly, there are differences between the fund and the government-wide financial statements, but there are some similarities. Within the paper, it will include the purpose as well as the content of the financial statements. While explaining the government-wide financial statements, the preparation using derived information in the conversion worksheets, will be presented. Lastly, in this research paper, I will explain the elements of a Comprehensive Annual Financial Report (CAFR).

The estimates of ABC Company and all subsidiaries are thoroughly analyzed before their respective inclusion on the financial statement. If conditions warrant a change in accounting principle, the events surrounding the change are disclosed, and the effects of the changes in accounting principles are also disclosed. Although these instances are infrequent, full disclosure is practiced when they do occur. Our main areas of accounting estimates include estimates for intangible assets and trade receivables.

Adjusting entries have four types in which provide a method of breaking down transactions. When a business purchases supplies in order to stock, this would be considered a prepaid expense. After an adjusting entry is made for a prepaid expense, the ledger would reflect the correct portion of that expense, in this case supplies, in which was incurred during a specific time. (Editorial Board, 2012, p. 42) A depreciation expense is a sub category of a prepaid expense. This occurs when an asset is allocated over a certain amount of time. An

There are four accepted inventory methods: Specific Unit Cost, Average Cost, FIFO, and LIFO. Unique inventory items are recorded in inventory by the cost of that unit or specific unit cost. Non-unique items use one of the other 3 methods. The average-cost method is: average cost = cost of goods available / number of units available. The first-in, first-out (FIFO) method assigns the first costs into inventory to the first cost of goods sold. The last-in, first-out (LIFO) method assigns the last costs into inventory to the first cost of goods sold. Since inventory costs can vary, companies may choose an inventory method based on tax advantages. When prices are falling, FIFO will have the lowest taxable income. When prices are rising, LIFO has the lowest taxable

9)The second step, when using dollar-value LIFO retail method for inventory, is to determine the estimated:

$15,000 and ended the year with a balance of $35,000. The General Fund uses the

b. The inventory write down recorded, as an expense by the company is $4.4 million. It is measured at lower of cost and net realizable value. Cost is measured by weighted average using standard cost method or

The objective of AASB 116 is to stipulate the accounting treatment for property, plant and equipment, make user can understand information about an entity’s investment in its property, plant and equipment, and the changes in entity’s investment. The main issue for property, plant and equipment in accounting are the recognition of relationship between assets, the determination of their carrying amounts, the depreciation charges and impairment losses. AASB 116 required the entity disclose it’s information of gross carrying amount, depreciation method, depreciation rate, useful lives of PPE, accumulated depreciation and reconciliation of carrying amount at beginning of the reporting period and at end of the reporting period.

Although inventory is an asset it is recorded as a cost, anything recorded otherwise would be unethical and would be hard to report the cost of goods sold once inventory has been depleted.

To account for inventory, the company uses, first in first out policy. Property plant and equipment are recorded at cost less the accumulated depreciation amount. Depreciation is charged on straight line method

Unlike IFRS, inventories are measured at the lower of cost and market. Under US GAAP FIFO (first in first out) method is allowed. Also, inventory is written down to market when net market is less than the cost, in difference with IFRS that states that it should be

The finance department will also monitor levels of lost and outdated inventory to make sure that the levels don’t become too high. They need to write off this inventory but has to make sure that it isn’t excessive. Finance people also monitor the counts or physical inventories in order to reconcile what is actually on hand with what has been recorded in the company’s records. The finance department does not manage the inventory personally but it does have to make sure that the people