Accounting Homework Help | Accounting Assignment Help
11/25/2014
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About Accounting: The term accountancy is derived form
the French word “Computer” which means to calculate. It is
an instrument within organizations that helps to regulate the
financial stability of organizations. The growth of accountancy
can be traced to ancient Mesopotamia where accounts were
maintained to keep record of cattle and crops. In the ancient
times there was only record keeping. Gradually with the
growth of business and changes in the form of businesses
there was need for a structured approach to the subject. This
led to the development of various concepts and conventions
that made the approach to the process of accounting similar
across business organizations. The various conventions that are standardized are the
Generally Accepted Accounting Principles, or GAAP and International Financial Reporting
Standards.
Accounting homework help today is regarded as the language of business. The
information provided by the accounts are of use to the internal business as well as to the
outside parties. The process of reporting to the outside parties is called management
accounting. This provides a financial premise to the various decisions taken by the
management.
The basic formula of accountancy is assets=liabilities + equity. It is the Balance Sheet that
is the last report of accountancy.
Sample Accounting Homework Help Questions:
INVENTORY VALUATION PROBLEM & SOLUTIONS:
Calculate by FIFO method of inventory valuation, the cost of goods sold and value of ending
inventory from the following data:
Date Transaction Units Price Per Unit
Jan 1 Opening stock 1,500 20
Feb 10 Purchases 750 25
March 15 Purchases 600 22
March 15 Sold FIFO 1,800 _
April 10 Sold FIFO 750 _
May 15 Purchases 600 25
June 10 Sold FIFO 750 _
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Solution:
Stock ledger Sheet (Assumption: FIFO)
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Cost of goods sold =$ 37,500 + $ 17,850+ $ 17,850 =$ 73,200
Date Receipts Issued Balance
1 Jan
10 Feb
15 March
10 April
15 May
10 June
-
750x25=18,750
600x22=13,200
_
600x25=1,500
_
-
1,500x20 + 300x25 = 37,500
450x25 + 300x22 = 17,850
-
300x22 + 400x25 = 17,850
1,500x20 =30,00
1,500x20 + 750x25 =
48,750
450x25 + 600 x 22
=24,450
300 x 22 = 6,600
300x22 + 600x25 =
21,600
150 x 25 =3,750
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