current events
Why LIFO is better than FIFO?
If your inventory costs are going up, or are likely to increase, LIFO costing may be better because the higher cost items (the ones purchased or made last...
Jan 02, 2026 1 views
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Current Events
Expert insights and detailed technical documentation about Current Events.
current events
What is difference between trade discount and cash discount?
Trade discount is given on the catalogue price of the goods while the cash discount is given on the invoice price. Trade discount is granted with the aim ...
Jan 02, 2026 0 views
current events
What is an example of a change in accounting principle?
Accounting principles impact the methods used, whereas an estimate refers to a specific recalculation. An example of a change in accounting principles occ...
Jan 02, 2026 0 views
current events
What are limitations of budgeting?
Inaccurate or unreasonable assumptions can quickly make a budget unrealistic. Budgets can lead to inflexibility in decision-making. Budgets need to be cha...
Jan 02, 2026 0 views
current events
What is consolidated profit and loss?
Consolidating Profit & Loss (P&L) reports are considered essential month-end reports and are used by CFOs and Group Controllers to analyze consoli...
Jan 02, 2026 0 views
current events
What is a 20% profit margin?
You’ll then divide that by the retail price. For example, if you sell a product for $25, and it costs $20 to make, the gross profit margin is 20% ($5 divi...
Jan 02, 2026 0 views
current events
What is Closing stock in sentence?
Closing stock implies the value of unsold goods at the end of an accounting period. Explanation: Closing stock: Closing stock implies the value of unsold ...
Jan 02, 2026 0 views
current events
Is prepaid expense an asset or liability?
A prepaid expense is a type of asset on the balance sheet that results from a business making advanced payments for goods or services to be received in th...
Jan 01, 2026 0 views
current events
How long should accounts payable records be kept?
7 years Ideally, you need to retain accounts payable records for at least 7 years. However, if you can extend your retention period without adding to your...
Jan 01, 2026 0 views
current events
Can something be both an asset and an expense?
Is an asset the same as an expense? As both assets and expenses are incurred when you buy goods or services for your business, it’s easy to assume that th...
Jan 01, 2026 0 views
current events
Why is it important to keep a journal?
Keeping a journal helps you create order when your world feels like it’s in chaos. You get to know yourself by revealing your most private fears, thoughts...
Jan 01, 2026 0 views
current events
What happens if a company sells an asset for less than its book value?
Sale of plant assets If the sales price is less than the asset’s book value, the company shows a loss. Of course, when the sales price equals the asset’s ...
Jan 01, 2026 0 views
