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JustasS

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tT
发表于 2011-7-13 14:26 | 只看该作者

Balance Sheet - Measuring Assets/Liablilities

include, material, following, recognized
The material says that the financila statement footnotes should include the following when measuring a firm's assets and liabilities:

"Inventories recognized as an expense"

Can anyone explain this?
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cyber21

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2#
发表于 2011-7-13 14:27 | 只看该作者
You gotta state the exact page and the book that you are are referring to man man.

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waldziuchna

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3#
发表于 2011-7-13 14:27 | 只看该作者
Hi, this is from Scheweser book Accounting 2009 page 80.

The financial statement footnotes should include the following when measuring a firm's assets and liabilities:

- Basis for measurement
- Carrying value of inventory by category
- Amount of inventory at fair value less costs to sell
- Write-downs and reversals
- Inventories pledged as collateral
- Inventories recognized as an expense

I am curious about the last point.

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RobertA

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4#
发表于 2011-7-13 14:27 | 只看该作者
inventories as expense = what is the COGS part of your income statement.

beginning inventory + purchases - COGS = Ending Inventory

thus helping tie out the Balance sheet and the Income statement.

given the various means of measuring inventory - LIFO, FIFO, etc. COGS gets affected - and thus affects the Balance Sheet for Inventory.

at least this is what I think it means.

CP

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draz

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5#
发表于 2011-7-13 14:27 | 只看该作者
These are damaged stocks written off.

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