The Accounting Standard That Prescribes Disclosure of Specific Income and Expense

question 37

Short Answer

The accounting standard that prescribes disclosure of specific income and expense items requires the disclosure to be on the face of the income statement or in the _________ attached to the report.

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Definitions:

Cost Reconciliation Report

A summary that explains the differences or changes between the planned or standard costs and the actual incurred costs.

Work In Process Inventory

Work in process inventory includes items that are in the production process but not yet completed or ready for sale.

Transferred Out

In manufacturing and accounting, refers to goods or materials that have been moved from one process or department to another in the production process.

Weighted-Average Method

A cost-flow assumption used in inventory valuation and costing, calculating the cost of goods sold and ending inventory based on a weighted average of costs.