LIFO and Statistical Sampling---A Case Study
A growing number of case studies, describing the increasing number of applications of statistical sampling methods to accounting problems, have appeared in accounting literature. A substantial number, although not all, of these case studies have tended to emphasize the statistical aspects of the particular problem being described, at the neglect of accounting considerations. This is understandable in the sense that statistical techniques are relatively new to the accounting profession and new techniques, rather than the old, require exposition. However, the fruitful use of statistics in accounting requires full consideration of both statistical and accounting aspects of any particular problem. With this point of view, the following case study describing the statistical and accounting problems encountered in an adoption of the LIFO method of valuing inventory is presented.
Statistical Criteria for Asset Valuation by Specific Price Index
HEmajor theoretical studies of current cost asset valuation in financial reporting rely to some degree on specific price indexes, but have left unsettled certain key issues in implementation. Section II surveys the literature on the subject and points up important issues to be investigated. For example, how specific should the adjustment for specific price change be? Are individual asset valuations at current cost necessary and useful? Most authorities propose an eclectic, pragmatic approach to determination of the current cost valuation. Individual adjustment usually is the preferred theoretical method but then specific price indexes are recommended as a surrogate.' Moreover, a survey of published implementation studies shows indexes as the dominant adjustment method. The implication is that individual asset valuation is the objective of adjustment, but explicit statements of how such individual valuations are to be used are rare. Edwards and Bell say:
Point-to-point and point-to-multipoint communications
A network, such as wired and/or wireless LAN, is configured to have both point-to-point and point-to-multipoint connections. The point-to-multipoint connection(s) is used to communicate information between a plurality of the stations (or modem, or transceivers) in the network, whereas the point-to-point connection(s) are used to communicate information between only 2 stations in the network with the ability to, for example, maximize performance (rate/reach/BER/latency/etc) between those two stations. A master station allocates one or more frequency bands to the various point-to-multipoint and point-to-point connections.