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.
Cost accountants should be familiar with all of the methods of cost accounting, as well as the software programs that support cost accounting functions. There are four primary methods of cost accounting, each of which allocates indirect costs to individual product lines and / or services: Standard Costing System assigns an average cost to each direct cost (labor, material, overhead, etc) associated with a product so as to standardize the cost accounting system.