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You do not "write off" inventory unless you actually dump it in the river. Obsolescense is accounted for by pricing the inventory at the lower of cost or market with any (negative) difference being charged to Cost of Goods Sold. A...
http://answers.yahoo.com/question/index?qid=20080911130...
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There is no ready solution to this problem, because GAAP clearly mandates that all obsolete inventory be written off at once. It is a rare accountant who does not enter into a battle with management over this issue at some point during his or her career. ... If this write-off has not occurred in previous years,
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accounting-financial-tax.com/2009/03/expense-recognitio...
accounting-financial-tax.com/2009/03/expense-recognition-for-obsolete-inventory/
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When NCNR inventory is found on the obsolete inventory list, the accountant’s next step is to process an inventory write-off transaction.
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www.stevebragg.com/Pages_Articles/Articles_Inventory/Ob...
www.stevebragg.com/Pages_Articles/Articles_Inventory/Obsolete_NCNR_Inventory.html
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Writing off obsolete equipment and inventory can reduce your income and save you money at tax time. ... Writing Off and Writing Down Obsolete Equipment and Inventory Can Save on Taxes ... For items that are obsolete or worthless, list the full value of the equipment for write-off...
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biztaxlaw.about.com/od/businesstaxseason/ss/yearendtaxp...
biztaxlaw.about.com/od/businesstaxseason/ss/yearendtaxplan_5.htm
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A $120,000 write-down of equipment leased to others. A $55,000 adjustment of accruals on long-term contracts. An $80,000 write-off of obsolete inventory. Just checking, but I think don't think any of these are. ... Complete Worksheet - 35. ... long term/short term financing - compare long- and short-term financing.
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brainmass.com/homework-help/business/accounting-busines...
brainmass.com/homework-help/business/accounting-business-analysis-financial-reporting/129697
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Indeed, excess and obsolete inventory is a very good barometer of the overall effectiveness of a company’s operations. There are two ways to deal with the problem, both of which are addressed in this course: • removing excess and obsolete inventory at minimal write off cost ;
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www.iomnet.org.uk/Events/31-01-08/Remove-and-Avoid-Exce...
www.iomnet.org.uk/Events/31-01-08/Remove-and-Avoid-Excess-and-Obsolete-Inventory.aspx
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Like the provision for doubtful debts, the accounting for provision for stock obsolescence is almost similar. [please refer to my earlier article on stock written off] ... List Of Topics Under The Heading Stock/Inventory Management/Control...
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basiccollegeaccounting.com/different-methods-of-creatin...
basiccollegeaccounting.com/different-methods-of-creating-provision-for-stock-inventory-obsolescence-part-5/trackback/
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What Does Obsolete Inventory Mean?; Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. ... Write-Down...
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www.investopedia.com/terms/o/obsoleteinventory.asp
www.investopedia.com/terms/o/obsoleteinventory.asp
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News Corel warned investors in December that it would take a substantial loss in the fourth quarter, saying it was hurt by a move to lower the amount of inventory in the sales channel and by a write-off for "obsolete" inventory.
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www.zdnet.co.uk/tsearch/software+sales+inventory+manage...
www.zdnet.co.uk/tsearch/software+sales+inventory+management+company+reported.htm
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