0
When a firm utilizing FIFO inventory accounting what would the calculating gross profits assume that?
Wiki User
∙ 11y ago
sales were from beginning inventory until it was depleted, and then use sales from current production
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Are depreciation charges implicit cost?
yes, depreciation is an implicit cost. but this implicit cost is added to total costs in calculating accounting profits.
Accounting profits are typically?
greater then economic profits,as accounting profits do not include implicit costs
What are the benefit of cost accounting?
The benefit of cost accounting is that you do not need to calculate the change in the costs when the price of your supplies increase. Your profits are simply your sales minus the cost of your inventory and minus the cost of your purchases. Cost accounting is ideal for a small operation.
What are benefits of cost accounting?
The benefit of cost accounting is that you do not need to calculate the change in the costs when the price of your supplies increase. Your profits are simply your sales minus the cost of your inventory and minus the cost of your purchases. Cost accounting is ideal for a small operation.
What is an accounting profit?
an accounting profits is the net profits of every financial transaction it can be in monetary or satisfaction of service rendered.
What is the Difference between government accounting and financial accounting?
The biggest difference is that government account is non-profit and based on funds....also called fund accounting. They do not have profits. Financial accounting tracks income and have or hope to have a profits.
Why is spreadsheets a good way of recording and calculating profits?
Spreadsheets are for manipulating numbers. So anything to do with calculations can be done with a spreadsheet. So dealing with recording and calculating profits is ideal for a spreadsheet.
What items are used in calculating the GNP?
A+: Wages, rents, interest, profits.
Which item are used in calculating the gnp?
wages,rents,interest,profits
Cash flows more important than profits?
1. Why are we interested in cash flows rather than accounting profits in determining the value of an asset?
What is the difference between branch accounting and inter company accounting?
The process of keeping track of all transactions within a corporation is known as " branch accounting." Branch accounting is crucial since it allows you to see how much money your firm has and what they're doing with it. Branch accounting is also useful for calculating taxes because it may demonstrate where profits come from. Source Url: Norwayoffice.biz Intercompany accounting, on the other hand, deals with cross-border transactions between corporations. If Company A purchases goods from Company B in another country, for example, Company A would.
What does the inventory system do?
Keeps track of inventory, turns data into information, lets you know when a product needs to be ordered, keeps track of sales, profits, margins, etc.
