Essay on Anson
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End of Preamble [Not Part of the Accounting Standards
Overview and Background
Scope and Scope Exceptions
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Thus, the inventory at any given date is the balance of costs applicable to goods on hand remaining after the matching of absorbed costs with concurrent revenues. This balance is appropriately carried to future periods provided it does not exceed an amount properly chargeable against the revenues expected to be obtained from ultimate disposition of the goods carried forward. In practice, this balance is determined by the process of pricing the articles included in the inventory.
A major objective of accounting for inventories is the proper determination of income through the process of matching appropriate costs against revenues.
330-10-15 Scope and Scope Exceptions
> Overall Guidance
The Scope Section of the Overall Subtopic establishes the pervasive scope for the
The guidance in the Inventory Topic applies to all entities, with the following qualifications. 15-3
The guidance in this Topic is not necessarily applicable to the following entities:
a. Not-for-proﬁt entities (NFPs)
b. Regulated utilities.
Direct Effects of a Change in Accounting Principle
Those recognized changes in assets or liabilities necessary to effect a change in