Question
Define cash and cash equivalents. Discuss in detail accounting for restricted cash and compensating balances. Discuss in detail accounting procedures for accounts receivable, initial and
Define cash and cash equivalents. Discuss in detail accounting for restricted cash and compensating balances. Discuss in detail accounting procedures for accounts receivable, initial and subsequent measurement, including establishment of an allowance for uncollectible accounts. Compare and contrast the percentage-of-sales and aging of receivables methods. Explain accounting for write-offs and subsequent recoveries. What are the required disclosures for accounts and notes receivable. Define the types of inventory accounts. Compare and contrast accounting for inventory under the periodic and perpetual inventory systems. Discuss the four inventory allocation methods, specific identification; moving average; last-in, first-out (LIFO); first-in, first-out (FIFO). Explain the need for inventory cost-flow assumptions. What is meant by lower-of-cost-or-market rule? Explain the gross profit method of estimating inventory and the retail inventory method. What are the required disclosures for inventory.
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