Answer Posted / h.r. sreepada bhagi
Calculation of value of Inventory at any given date by
applying unit rate to each of the Inventory item is called
Stock Valuation. Inventory should be valued at Cost or Net
Realisable Value (Market Value) whichever is lower.
Inventory Valuation is guided by the Accounting Standard
applicable to the country concerned. In India AS-2 Valuation
of Inventories, issued by ICAI guides how to value Stock.
Inventory valuation is needed for preparation of Financial
Statements, For filing Stock Reports to Banks/Financial
Institutions, For calculation of Inventory Turnover Ratio, etc.
| Is This Answer Correct ? | 4 Yes | 0 No |
Post New Answer View All Answers
sir I heard from some body that he received more money than requested in an ATM.Is it possible, if yes what is the remedy ?
i had taken one year gap in completing my graduation bcom should it be considered as backlogs i dont have any kt or anything else i have passed all exam in one trial
what is "goodwill" reserve and surplus and reserve with example
What information do you require before you approve an invoice for payment?
pass journal entry for Prepaid insurance
Who owns the general ledger?
Detail your responsibilities in accounts receivable
if a sole proprietor pays his firms insurance policy , How it should treated in books of accounts? whether it should be treated as investment? or indirect expenses?or drawings?
what is the journal entry for gas connection taken by company for preparing tea and coffee.
What are the accounting events that are frequently involved in compound entries?
as per partnership deed, salary to working partner is rs 8000/ per month (96000 annually), suppose if i have book profit of rs 50000/ only,then what is the procedure to give salary
What qualities have you got that would make you a good accountant?
Hi I would like to know what is journal entry for buying securities with Margin Trading I mean 50% of cost is paid by broker. 2nd question is when we withdraw extra money from the balance we have in bank account which means our balance become (-) what is journal entry for that, should I just credit the bank or should I put the extra money with-drawled as a liability account ? Thank you in advance!
What is accounting & why it is used?
Is it mendatory to provide deferred tax asset, where the management not expecting taxable profit in the subsequent financial years.
