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Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
Edition 17ISBN: 978-0078025778Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
Edition 17ISBN: 978-0078025778 Exercise 39
What is meant by the year-end cutoff of transactions? If merchandise in transit at year-end is material in dollar amount, what determines whether these goods should be included in the inventory of the buyer or the seller? Explain.
Explanation
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A proper cutoff simply means that the tr...
Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
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