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CHAPTER
Accrued Interest Receivable
Stock Subscriptions
Investment Securities
Securities as Stock-in-Trade
Liberty Bond Valuations
Insurance on Lives of Proprietors
Temporary Investments
Postage and Other Stamps
Deferred Charges to Operation-Prepaid Items
VIII INVENTORIES-GENERAL PRINCIPLES
Introductory
Need of Understandable Rule of Valuation
VALUATION PROPOSITIONS TO BE CONSIDERED
1. When Is It Proper to Value Inventories at Less Than
Either Cost or Market?
2. When Is It Proper to Value an Inventory at “Cost or
Market, Whichever Is Lower"?
3. When Is It Proper to Value an Inventory at Reproduc-
tion Cost, It Being Higher Than Replacement Cost?
4. When Is It Proper to Value an Inventory at Market,
Market Being Higher than Cost?
5. When Is It Proper to Value an Inventory at Selling
Prices?
Prices After Closing Date
Interdepartmental or Intercompany_Profits
Segregation of Stock Which Cannot Be Converted into Cash
Within One Year
Auditor's Legal Duty as to Inventories
Interest Not an Element of Cost
IX INVENTORIES-RULES FOR VALUATION
Proper Rule for Valuation
Rules for Verifying Quantities and Other Factors
Goods in Process
Finished Goods
Supplies, Stores, etc.
X BALANCE SHEET AUDIT-FIXED ASSETS.
Nature of Fixed Assets
Plant Accounts Must Be Analyzed
METHODS OF ARRIVING AT BALANCE SHEET VALUATIONS
Land and Buildings
Leaseholds
Machinery and Equipment
Furniture and Fixtures
Containers
Horses
Wagons, Automobiles, etc.
Patterns, Drawings, Lasts, etc.
Electrotypes, Woodcuts, etc.
117
159
173
Patents
Copyrights
XI BALANCE SHEET AUDIT-Fixed Assets (Continued)
XII BALANCE SHEET AUDIT-LIABILITIES
Information Bankers Require
Position of Auditors
Determination of Liabilities
Distinction Between Liabilities and Capital
Accounts Payable
Trade Creditors
195
221
XIV BALANCE SHEET AUDIT-RESERVES, CAPITAL, AND SUR-
XVIII CONSOLIDATED BALANCE SHEETS AND INCOME ACCOUNTS 335
Definition of "Subsidiary"
BALANCE SHEETS OF HOLDING COMPANIES
Importance of Correct Statement-Rediscounts
Form of Balance Sheet
Records in Books of Account
Guarantees of Subsidiaries' Obligations
INCOME ACCOUNT
Comparative Statements
XIX CERTIFICATES AND REPORTS
Something More Than Figures Are Wanted in a Report
Terminology
Scope of Report
Certificate of Audit
Statement Required by Banks
New York Stock Exchange Requirements for Listing
Securities
Federal Reserve Board Requirements
Statements Requested by Credit Managers
Forms Issued by Mercantile Agencies
XX CERTIFICATES AND REPORTS (Continued)
Liens and Hypothecations
Forms of Income Account
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405