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Relative Sales Value Method/Lump Sum Purchase | Intermediate Accounting | CPA Exam FAR ...
by
Farhat's Accounting Lectures
on
Youtube
Duration:
0.08 hours
When a group of varying inventory items is purchased for a lump sum price, a problem exists relative to the cost per item. The relative sales value method...
About Channel:
My Youtube channel offers a growing number of free accounting lectures and accounting courses tha...
Purchase Commitments | Intermediate Accounting | CPA Exam FAR | Chp 9 p 3
by
Farhat's Accounting Lectures
on
Youtube
Duration:
0.08 hours
Purchase commitments represent contracts for the purchase of inventory at a specified price in a future period. If material, the details of the contract should be...
About Channel:
My Youtube channel offers a growing number of free accounting lectures and accounting courses tha...
Lower of Cost or Market (LCM) | Intermediate Accounting | CPA Exam FAR | Chp 9 p 1
by
Farhat's Accounting Lectures
on
Youtube
Duration:
0.81 hours
Inventories are recorded at their cost. However, if inventory declines in value below its original cost, a major departure from the historical cost principle...
The gross profit method is used to estimate the amount of ending inventory. Its use is not appropriate for financial reporting purposes; however, it can serve...
About Channel:
My Youtube channel offers a growing number of free accounting lectures and accounting courses tha...
Basic & Adjusting Journal Entries BE 3-1 to BE 3-6 | Intermediate Accounting | CPA Exa...
by
Farhat's Accounting Lectures
on
Youtube
Duration:
0.32 hours
Preparation of adjusting journal entries is the next step in the accounting cycle. Adjusting entries are entries made at the end of accounting period to bring all ...