Question

Explain accounting policies with four examples​

Answer 1

Answer:

Example of an Accounting Policy

For example, companies are allowed to value inventory using the average cost, first in first out (FIFO), or last in first out (LIFO) methods of accounting. ... If the company uses FIFO, its cost of goods sold is: (10 x $10) + (5 x $12) = $160.

Explanation:

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