Inventory reserves for Starbucks are contra-asset accounts used to record what possibly might be a reduced...
Inventory reserves for Starbucks are contra-asset accounts used to record what possibly might be a reduced value of certain inventory items. It represents a write-down to market value of inventory due to circumstances that happen every year. Market value is not readily known until the amount is sold, thus the write-down while still in the hands of Starbucks (before being sold). This is an example of _________________
| an estimate |
| a one-time charge |
| deferred revenue |
| historical cost |
| revenue recognition |
| all of the above |
| none of the above |
Homework Answers
The correct answer is an estimate
It is not a one-time charge, but an ongoing activity
Inventory value is written down on the basis of estimated market value.
Deferred Revenue is revenue recognized over more than one period
Historical cost is the original cost
Revenue recognition is the principle of recognizing revenue
Hence, it is an example of an estimate
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Inventory reserves for Starbucks are contra-asset accounts
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