Question FOUR challenge

Suppose I am in charge of reviewing our company's inventory accounting with regards to tax implications. Currently, our team uses the FIFO accounting method to value inventory. As prices of the inventory we buy rise throughout the year, our cost of goods sold is low and our taxes are higher. Our company wants to know what the tax implications would be if we switched to LIFO. Without any historical data on the LIFO 6 method, I would need to pull the inventory data used during this and previous years and create script using Python and simple "if" and "else" arguments. This script would analyze the inventory and sales records throughout the year and reorganize the cost of goods sold as if the company was using LIFO. Using this script, the company would be increasing tax efficiency if the programs revealed a historical trend of lower taxes under LIFO. Furthermore, it would be much more efficient to automate the process ofLIFO. Furthermore, it would be much more efficient to automate the process of reorganizing inventory records to reflect a different inventory method as opposed to manually doing it. In another scenario, I am a tax accountant with a variety of individual clients ranging in annual income from $200,000 to $3,000,000. Due to the complex tax brackets that call for varying income taxes for different salaries, I have to manually compute the taxes for each of my clients. However, using Python I can write script that automatically calculates my client's income taxes based on a set of rules that revolve around the tax bracket percentages. If my client's income goes up or down based on promotions or demotions, I can quickly calculate his or her new taxes. If the tax code changes, I do not have to spend time relearning the new percentages; I can just update the rules for my python script to reflect the new tax code. Python saves me time doing meaningless calculations and allows me to focus my efforts on the other aspects of tax planning.

1. Define dual aspect term in accounting_______

2. Pardon do we mean by _____procurement return in accounting____

3. Define the term material facts in accounting______

4. What did you say are the MIS reports________?

5. Define a concern's billed cycle______

6. Outline selling banking______

7. How much mathematics______ familiarity is obligatory or mandatory in accounting_______?

8. State fliers receivable_____

9. Describe downgrading and its types____

10. Discriminate between consignor and consignee_____