True or false=The analyses and flow of accounting data inside a company need not depend on the double-entry format.
True or false=For a manufactured product, all costs incurred to get the product ready for sale are included in the inventory value of the product.
2007-01-22 02:40:24 · 2 answers · asked by jpunkin1121 2 in Business & Finance ➔ Small Business
True on the double entry question. It is the standard accepted method but there are other methods.
True on the second question as well although in practice there may be some arguement.
2007-01-22 02:43:55 · answer #1 · answered by Nusha 5 · 0⤊ 0⤋
These are among the worst formulated questions I've ever seen...
"The analyses and flow of accounting data inside a company need not depend on the double-entry format." Who cares? Double-entry is still the only system allowed in financial accounting. You could do without the double-entry system, but that would be managerial accounting...
"For a manufactured product, all costs incurred to get the product ready for sale are included in the inventory value of the product." Who knows? Say, do you count storage or transportation from the factory to the regional warehouse as "costs incurred to get the product ready for sale"? If you do, the answer is false, because storage and transporation are often accounted for as general and administrative expenses...
2007-01-22 12:20:19 · answer #2 · answered by NC 7 · 1⤊ 0⤋