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. understand the perpetual and periodic approaches for recording inventory. Learn how to Price out stock and document Price tag of products marketed using the weighted and shifting ordinary, FIFO, LIFO and lower of Price tag or Web realizable worth (LCNRV) procedures. A business’ bookkeeping system may possibly differ depending on its accounting

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If you have two or more independent and distinct businesses, you can use a distinct accounting approach for every if the strategy Obviously demonstrates the income of each and every company. These are different and distinctive provided that you keep total and separate books and documents for each business. Paperless submitting is less complicated

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