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identify the Specific identification method for inventory?
Definition of 'Specific Identification Inventory Valuation Method' A method of keeping track of all items in an inventory. [ Specific identification inventory valuation is often used for larger items such as furniture or vehicles, but it is used to identify specific securities as well. This method of identification allows investors to reduce or offset capital gains by picking a specific lot of securities to be used as basis for a sale. ]
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Asked 6/8/2013 12:39:10 PM
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definition of continuity assumption for accounting?
Weegy: Continuity is an accounting assumption that expects a business to continue in life indefinitely; also called going concern . [ It is the basis for using historical cost to value accounts rather than liquidation value since the company will remain in existence. ] (More)
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Asked 6/1/2013 4:33:26 PM
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How can inventory be valued in accounting?
Weegy: nventory valuation is the dollar amount associated with the items contained in a company’s inventory. Initially the amount is the cost of those items. [ However, under certain situations the cost could be replaced with a lower dollar amount. The inventory valuation includes all of the costs to get the inventory items in place and ready for sale. The inventory valuation excludes the costs of selling and administration. Since the inventory items are constantly being sold and restocked and since the costs of the items are constantly changing, a company must select a cost flow assumption. Cost flow assumptions include first-in, first-out; weighted average; and last-in, first out. The company must consistently follow its stated cost flow assumption. A manufacturer’s inventory valuation will include the costs of production, namely direct materials, direct labor, and manufacturing overhead. Manufacturers are also required to consistently follow their cost flow assumptions. Inventory valuation is important in that it affects the cost of goods sold reported on the company’s income statement. Inventory is also an important component of a company’s current assets, working capital, and current ratio. ] (More)
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Asked 6/8/2013 10:06:51 AM
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Which inventory method is the best method and why?
Weegy: Using the Last-in, First-out method, the cost of the last unit of inventory purchased is subtracted from the price for which the company sells the finished product. The difference is the profit on the sale of the finished product. [ This method leaves all of the earlier-purchased raw material units in inventory, and the value of the inventory is determined using the older unit costs. ] (More)
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Asked 6/8/2013 1:34:50 PM
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for financial accounting what is an asset?
Weegy: Definition of 'Asset' 1. A resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit. 2. [ A balance sheet item representing what a firm owns. ] (More)
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Asked 6/14/2013 2:39:32 PM
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