In Your Own Words, Explain a Buffing Technique

question 4

Essay

In your own words, explain a buffing technique.

---

Definitions:

Extraordinary Item

An extraordinary item is a significant transaction or event that is unusual, infrequent, and not expected to recur in the foreseeable future, requiring separate disclosure in financial statements for clarity.

Disposal Business Segment

Refers to the process of selling, closing, or abandoning a part of a company's operations or divisions.

Interim Financial Reporting

The reporting of the financial results of any period that is shorter than a fiscal year, such as quarterly or semi-annual reports.

Permanent Inventory

An inventory management method where stock levels are continually updated to reflect purchases and sales.