Inventory Accounting for IFRS and US GAAP for iOS

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50 Questions onInventory Accounting for IFRS and US GAAPApp Description:This app provides a review of inventory accounting for IFRS and US...

50 Questions onInventory Accounting for IFRS and US GAAPApp Description:This app provides a review of inventory accounting for IFRS and US GAAP.Basic concepts are structured in a question-and-answer format for instant application to real-world analysis.Read questions and answers in "Review Mode" first and then test your understanding by using the "Quiz Mode" feature. You can switch between review and quiz modes at any time.This app was designed to help:(1) Students who are currently taking an accounting course;(2) Students who wish to refresh their knowledge of financial accounting; and(3) Business professionals who would like to review financial accounting.The contents of this app are organized as follows:Section I. Overview of InventoryQ1. Inventory DefinedQ2. Recognition of InventoryQ3. Goods in TransitQ4. Consigned GoodsQ5. Recording Inventory TransactionsQ6. Perpetual Inventory SystemQ7. Periodic Inventory SystemQ8. Initial Measurement of InventoryQ9. Cost of InventoryQ10. Cost Flow Assumptions, US GAAPQ11. Cost Formulas, IFRSSection II. Net Realizable Value (NRV)Q12. Net Realizable Value (NRV)Q13. Lower of Cost and NRV, IFRSQ14. Lower of Cost or Market, US GAAP Q14_1. Determination of Market, US GAAPQ15. Lower of Cost or Market Example, US GAAPQ16. Reversal of Inventory Write Down, IFRSSection III. Cost Flow AssumptionsQ17. FIFO, Weighted Average and LIFOSection III_1. First-in, First-out (FIFO)Q18. FIFO Example 1Q19. FIFO Example 2Q20. FIFO Ending Inventory 1Q21. FIFO Ending Inventory 2Section III_2. Last-in, First-out (LIFO), US GAAPQ22. LIFO Example 1Q23. LIFO Example 2Q24. LIFO Example 3Q25. LIFO Ending Inventory 1Q26. LIFO Ending Inventory 2Q27. LIFO Ending Inventory 3Section III_3. Weighted Average MethodQ28. Weighted Average Method 1Q29. Weighted Average Method 2Q30. Weighted Average Method 3Q31. Weighted Average Method 4Section III_4. FIFO and LIFO ComparisonQ32. FIFO and LIFO comparison 1Q33. FIFO and LIFO comparison 2Section III_5. Dollar Value LIFO, US GAAPQ34. Dollar Value LIFO 1Q35. Dollar Value LIFO 2Q36. Dollar Value LIFO 3Section IV. Estimation of Inventory ValueQ37. Gross Profit Method 1Q38. Gross Profit Method 2Q39. Retail Inventory MethodQ40. Average Retail Inventory Method Q40_1. Conventional Retail Inventory Method Q40_2. LIFO Retail Inventory Method, US GAAPSection V. Analysis of Inventory ErrorsQ41. Overstatement of Ending InventoryQ42. Omission of a Purchase TransactionSection VI. Review QuestionsQ43. Lower of Cost and NRV, IFRSQ44. Lower of Cost or Market, US GAAPQ45. First-in, First-out (FIFO)Q46. Weighted Average MethodQ47. Last-in, First-out (LIFO), US GAAPQ48. Inventory ErrorQ49. Integrated Case IQ50. Integrated Case II