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.
Process Costing. Process costing is a cost accounting system in which direct costs are traced and indirect costs are allocated to processes carried out in different departments. The cost of finished goods is then computed based on average cost accumulated at the end of the last department.nlike job-order costing, which is another widely-used costing system, process costing averages out costs over all departments and values the finished products and closing work in process, if any, using either the first-in-first-out (FIFO) or weighted-average convention.