The Two General Financial Reporting Models That Have Evolved in Economically

question 32

True/False

The two general financial reporting models that have evolved in economically advanced countries are the Anglo-Saxon model and the European Model.

---

Definitions:

Beginning Inventory

The worth of products ready for purchase at the beginning of a financial period.

Transferred In

Costs or value brought into a new account or process, often used in manufacturing to describe costs from a previous process carried into another.

Beginning Work in Process

The worth of products that are undergoing manufacturing at the beginning of a financial period.

Units Completed

A measure of the number of finished products that have completed the manufacturing process.