Sales: Sales: Support: Support:
Academic writing services  
 
Custom written essay Book report Research paper Dissertation Resume and CV Editing and proofreading  
main menu
discounts
discounts
By ordering custom paper you get
  • 24/7 Support
  • Over 100 professional US Writers
  • 300 words per page
  • Flexible discount system
  • FREE revision (within 2 days)
  • Anti-Plagiarism Software Check
we accept
sample essays
Accounting Essays
Admission Essays
Analysis Essays
Art Essays
Biography Essays
Biology Essays
Book Review Essays
Business Essays
Case Studies Essays
Cause and Effect Essays
Character Analysis Essays
Communication Essays
Communication and Media Essays
Compute Technologies Essays
Consideration Essays
Controversial Essays
Description Essays
Economics Essays
Education Essays
Evaluation Essays
Explanation Essays
History Essays
Job Essays
Law Essays
Management Essays
Medicine Essays
Music Essays
Personal Essays
Personal Experience Essays
Persuasive Essays
Persuasive Speech Essays
Philosophy Essays
Political science Essays
Politics Essays
Proposal Essays
Psychology Essays
Reflective Essays
Religion Essays
Research Essays
Response Essays
School Essays
Science Essays
Sociology Essays
Technology Essays
World Literature Essays
Question Answer essay
 
← Basic Principles of Managerial and Financial AccountingContinental Senior Center →

Question Answer. Custom Question Answer Essay Writing Service || Question Answer Essay samples, help

1: What are some of the cost flow assumptions used to account for inventories? Why would companies choose one method of accounting for inventories over another? For a company you have worked for or are familiar with, what was the main product and which cost flow assumption would you suspect they use?

Cost flow assumption is necessary to determine what will be the exact cost of goods being sold and how they can make profits for the company. This is strictly used for financial reporting about a company and it may not show the actual growth chart of the company. Under the process, the actual cost of the sold item is determined and it is charged under the sold goods portion. Goods that are being purchased by the company are kept in the ending inventory. The process, though mainly used for tax purposes, it is also used for getting financial statements for the company. But as earlier mentioned, the cost flow assumption is never used for actual movement of goods. It is basically an assumption. But, the most important advantage is that it results in significant tax saving for the organization.

2: What are the advantages and disadvantages of using a LIFO inventory system? In what circumstances would you make the case for using LIFO? How do you feel about the IASB approach to LIFO compared to the FASB approach? Which is more appropriate and why?

LIFO or Last in First Out Method is based on the fact that all the material units should carry the basic cost of the recent purchases, though the physical flow of the process might be different from the assumed. It shows that the most recent cost is the most important in matching cost with the general revenue in the income determination procedure of an organization.

The materials brought are generally priced in a systematic and realistic manner in the LIFO procedure, along with unrealized gains and losses of the inventory are minimized, while the operational profits are being stabilized in the time of price fluctuations. This is the most important advantage of the process. There are some disadvantages of the method too. For example, this is a cost only method and the record keeping process in the case are substantially more complex than any other processes.

3: What are the costs to include in the initial valuation of fixed assets? How would you report them? Provide an example from among property, plant, and equipment, as well as other costs you can identify as should be included.

Fixed asset is an accounting term, used for different assets that can not easily termed into cash. In other words, the tangible assets can be only named as fixed assets. As per the International Accounting Standard or IAS, the Fixed Assets are the assets whose future economic benefits is possible to flow into the entire cost flow that can be measured reliably.

Fixed assets are generally considered as the long term revenues of a company. So it is important for the organization to accurately determine what the net income of the fixed asset is for a given period, along with how the total value of the asset has contributed to the revenue factor of the organization. This is really important in the prudent reporting of the net revenue. All the fixed assets have their depreciating value in every year. For example, any land or building might change their values after a year, depending upon the location of them.

4: How would you handle the retirement of fixed assets? What accounting treatment or reporting would you give them? Why? Provide an example of an asset you may still have, but have retired. Would it be on the books?

Once a fixed asset like land, equipments, plants or machinery is removed from the balance sheet of a company the operating activities of the said asset seizes to exist. A company can retire fixed assets by selling or exchanging. The accounting treatment or reporting of this process is carried out in the books of accounts of the company for many years in form of depreciation. This process affects the accounting procedures of asset retirement because continuous usage ramifies the utility of a fixed asset. For example, machinery looses its optimum potential by a percentage each operating year. This machinery can be retired after few years. It may physically exists but the books of accounts would not record it. From the point of view of accounting procedure it would appear in the gains and losses part of the income statement.

5: Compare the equity method of accounting to the fair value method for equity securities. In what cases would you use each? How can these rules be manipulated to make an investment appear different than it is? Is that ethical?

Equity method of accounting is one of the most standard processes of accounting; it is used for the access of the properties that is earned by a company with the help of the equity investments.  As per the ideas, the perfect example of equity method is if a company, suppose ‘A’, holds a significant percentage of stake in a company, and hence all the earnings should be in accordance with the investments made by him. But the method is only used if a person has 20% of more than 20% stoke in another company. But here one has to remember the fact that all the debt and equity investments do not fall under any major investment categories.

6: Can you elaborate on why LIFO might be the preferred method?

With the help of LIFO, one company can minimize any type of unrealized inventory gains as well as losses. The operating profits of the company are being stabilized in different industries that are subject to sharp price fluctuations on the basic materials. The inflationary prices of all the recent purchases of a company are generally charged on the basis of the operations done with then in the periods of rising prices. It goes to reduce the profit margin for the company.  But the basic benefit in the case is of tax saving as well as the basic cash advantage of the company, with the process of deferring the income tax payments. That is why a number of companies prefer LIFO as the preferred method.

7. If a short-term obligation is excluded from current liabilities because of refinancing, the footnote to the financial statements describing this event should include all of the following is the number of financing institutions that refused to refinance the debt. WHY?

In accounting procedure each time a financing institution is approached the short-term obligation is excluded from current liabilities because of refinancing. However, once the refinancing is refused the entries are inverted and thus they would feature in the books of accounts. It is a process that elaborates all the details of any financial transaction and thus it is necessary to record all possible transactions. 

Question Answer. Custom Question Answer Essay Writing Service || Question Answer Essay samples, help

Order Now
Order nowhesitating

Related essays

  1. Continental Senior Center
  2. Advantages and Disadvantages of Internal Rate of Return
  3. Basic Principles of Managerial and Financial Accounting
  4. Accountability Flaws


order now

 
 
3.6K
1.2K
Order now
Email
Password
 
why choose us
96% of satisfied returning customers
24/7 customer support
A wide range of services
Up-to-date sources
100% privacy guaranteed
MA/PhD writers
Custom written papers only
Free plagiarism report
Free revision (within 2 days)
Free extras by your request
Direct communication with a writer
faq
Are your writers qualified for the custom writing?
How quick can my order be accomplished?
Is it legal to buy custom essays, term papers or book reports from your company?
Are essays offered by your company truly custom-written?
Is it safe to buy from SupremeEssays.com?
How secure is the payment system of your company?
Can I submit custom essays or term papers done by your company as my own?
How can I contact your company if I've got problems with my ordered paper?
testimonials

Finally, I've found the real custom writing service . My grades are saying "Thank you, it's been a pleasure to work with you."

Jamal, South Africa

I can't believe you finished my essay under such a short deadline! You saved me from a disaster once again. You guys deliver exactly what you promise. I'll be back. That's for sure!

William H , Kansas, US

contact us
Toll free for US & Canada only. International callers are charged for outgoing calls.

Our phone numbers:
SupremeEssays.com provides custom term paper writing/rewriting services inclusive of research material for assistance purposes only. The term papers should be used with proper reference and are not meant to replace actual assignments.
 

Get 15% off your first custom essay order

Order now

PRICES
from $12.99/PAGE

X