Answer:
Since both stores have the same styles and brands with different prices, people may start to turn to Store X. With cheaper prices in the same area as the other store with the same brands and styles is a total win for customers. This might decrease sales in Store Y which may make them run out of business. However, because store Y was there first, loyal customers might only trust this store since it hasn't let them down yet and may be afraid to switch stores. Quality over quantity plays a major role in this decision.
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Answer:
FIFO - Treats the oldest inventory purchases as the first units sold.
Disclosure Principle - A company should report enough information for outsiders to make informed decisions about the company
Specific Identification - c. Identifies exactly which inventory item was sold. Usually used for higher cost inventory.
Weighted-Average - Calculates a weighted average cost based on the cost of goods available for sale and the number of units available.
Principle whose foundation is to exercise caution in reporting financial statement items. - Conservatism
f. Treats the most recent/ newest purchases as the first units sold. - LIFO
consistency principle = g. Businesses should use the same accounting methods from period to period.
Principle that states significant items must conform to GAAP. - Materiality
Explanation:
LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.
FIFO means first in, first out. It means that it is the first purchased inventory that is the first to be sold
Answer:
<em>Credit Unions</em><em> </em>is known as a cooperative association.
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Robert Rossini owner of Robert records also owns a personal residence that cost 475000 but has a market value of 625000 during preparation of financial statements for Robert records .the accounting principal most relevant to the presentation of Roberts home is the <u>Historical cost principle</u>
Explanation:
According to the the historical cost principle. The cash value of an asset(The value of the asset at the time the asset is acquired) is recorded in the financial statement and no changes in the cash value can be in case of an increase in inflation or an increase in the market value of the Asset.
In the above question the cash value of the Robert Rossin Residence is 475000 BUT the market value of the asset is 625000.
Thus it is appropriate to say that this statement is an example of the <u>Historical cost principle of Accounting</u>