Why are expenses items typically accrued at period end, and why
are inventory items always accrued on receipt?
Answers were Sorted based on User's Feedback
Answer / nimesh shah
Inventory items are always accrued at receipt to show the
correct value of inventory or Stock of the business at any
point of time during the period.
Is This Answer Correct ? | 5 Yes | 2 No |
As per Matching Concept all costs which are applicable to
the revenue of the period should be charged against that
revenue in order to determine net income of the business.
Inventory items are always accrued at receipt bcos you
cannot book liability without receiving the asset.
Is This Answer Correct ? | 5 Yes | 3 No |
What are the Accounting Entries in P2P.in Oracle Financial terminology ?
What are the rules for translation?
Explain Customization process?
What are the profile option mandatory in payable implementation?
Can Adjustments be imported?
Hi all, I have setup my AP and created 3 invoice batches which as seen validated yet when i try to make payment i get the following error"APP-SQL - 10006: the date you entered is not an open accounting period." I have opened the calendar for that month yet it giving me this error. Any help will be appreciated.
what is the accounting convention? what are they?
Hi Friends i Completed my M.Com in 2007 From Osmania University I learn Oracle Financials. Can i get the job offers as a fresher? I have only year exp. in C.A. Firm so can i get the job? Plz send me suggistions. Thanks Dear friends.
What are the types of PO?
For what purpose we assign qualifiers to our segments?
what is the gap analysis, how do you defined.what are the pre- requisities
Where is the method of Supplier Number set? At what level is the supplier numbering controlled?