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Tags
#cfa-level-1 #expense-recognition #reading-25-understanding-income-statement
Question
Under the [...] , the newest goods purchased (or manufactured) are assumed to be sold first and the oldest goods purchased (or manufactured) are assumed to remain in inventory.
Answer

Tags
#cfa-level-1 #expense-recognition #reading-25-understanding-income-statement
Question
Under the [...] , the newest goods purchased (or manufactured) are assumed to be sold first and the oldest goods purchased (or manufactured) are assumed to remain in inventory.
Answer
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Tags
#cfa-level-1 #expense-recognition #reading-25-understanding-income-statement
Question
Under the [...] , the newest goods purchased (or manufactured) are assumed to be sold first and the oldest goods purchased (or manufactured) are assumed to remain in inventory.
Answer
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4.1. General Principles
In general, a company recognizes expenses in the period that it consumes (i.e., uses up) the economic benefits associated with the expenditure, or loses some previously recognized economic benefit.28 A general principle of expen

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statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

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