Different Accounting Methods Described
Can someone please help me compare and contrast the different inventory methods. If possible include a discussion of FIFO, LIFO, specific identification, retail inventory, lower-of-cost-or-market and net realizable methods. Provide examples of companies that choose LIFO/FIFO as the better approach and explain why.
Thank you!
https://brainmass.com/business/the-accounting-cycle/588530
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There are numerous accounting methods used throughout the United States and abroad. While there has been some communication as well as consolidation if words, theories and rules, it is still not unified around the globe. The European Economic Community and others follow one standard methodology, the US another and other countries yet another. Fifo refers to taxing things based on a first in first out approach. So, if ...
Solution Summary
An expert accurately describes and compares Lifo, Fifo, Realized Net Asset Method, Retail method as well as Lower of cost or market method. Also, a Lifo/Fifo type of company is presented and discussed. 284 words.
Evaluating Compensation Methods
Consider the article "Adenosine Therapeutics LLC: Accounting for a Different Compensation Method" (Evans & Haskins, 2007). Next, using outside sources that you may seek and your professional experience, develop and write a 3- to 4-page paper concisely answering the following questions:
(A4.1) What is the basic accounting research question that Adenosine Therapeutics's accountants need to answer with respect to the firm's compensation method?
(A4.2) What accounting standard(s) must they consider when answering the question?
(A4.3) What conclusion do you come to with respect to the research question?
(A4.4) What knowledge, estimates, or assumptions did you use in arriving at your conclusion
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