Financial Statements Prepared for Use in Other Countries 2205 the United States, the auditor may report using either (a) a U.S.-style reportmodiï¬ed to report on the accounting principles of another country (see para-graphs.09and.10)or(b)ifappropriate,thereportformoftheothercountry(seeparagraphs .11 and .12).
Retail Inventory Method. The retail inventory method is an accounting system to estimate the ending inventory and cost of goods sold. Essentially, its used to estimate the amount of ending inventory at cost.
The main purpose of cost accounting is to determine the manufacturing cost of each product of the company. The cost of the proudct is then used in determination of optimum selling prices. The cost accounting also helps to determine what the present cost is and what it should be in future in case of market driven prices.