Measuring and reporting financial performance
3 important questions on Measuring and reporting financial performance
What are three common costing inventories assumptions?
- First in, first out (FIFO)
- Last in, first out (LIFO)
- Weigthed average cost (AVCO)
What is a bad debt?
When it becomes reasonably certain that the customer will not pay, the amount owed is considered bad debt. It must be taken into account when preparing the financial statement.
What are the two uses of the income statement?
- It provides measures of profit generated during a period.
- It provides information on how the profit was derived.
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