What is FIFO and why is it important?
It is a fairly practical approach to use, as sometimes it becomes difficult to identify the costs of the products sold at the point of sale and FIFO rectifies the matter. It is a widely used and accepted approach of valuation which increases its comparability and consistency.
What are the disadvantages of the FIFO policy?
It makes manipulation of the income reported in financial statements difficult, as under FIFO policy there remains no vagueness about the values to be used in cost of sales figure of profit/loss statement. FIFO will show increased gross and net profits in times of increasing prices of goods.
What are the advantages of FIFO method of inventory valuation?
Advantages of FIFO method. The first in first out (FIFO) method of inventory valuation has the following advantages for business organization: FIFO method saves money and time in calculating the exact cost of the inventory being sold because the cost will depend upon the most former cash flows of purchases to be used first.
What is the effect of inflation on FIFO?
FIFO will show increased gross and net profits in times of increasing prices of goods. This is because the “cost of sales” consists of figure of inventory and as first inventories will have less cost than recent inventories during inflation, the profits reported would be higher.
Does the government control credit scores?
Many consumers believe that credit bureaus like Equifax, TransUnion and Experian are somehow owned, managed or otherwise controlled by the federal government, but, in fact, they aren't. At a fundamental level, all credit bureaus operate as private, for-profit companies.
Which credit report is free from the government?
On AnnualCreditReport.com you are entitled to a free annual credit report from each of the three credit reporting agencies. These agencies include Equifax, Experian, and TransUnion. Due to the COVID-19 pandemic, many people are experiencing financial hardships.
Who can look at your FICO score?
Current or potential creditors — like credit card issuers, auto lenders and mortgage lenders — can pull your credit score and report to determine creditworthiness as well. Credit history is a major factor in determining (a) whether to give you a loan or credit card, and (b) the terms of that loan or credit card.
Are credit scores private?
Are your credit scores all that private though? Yes… and no. A federal law, the Fair Credit Reporting Act, places limits on who can receive your credit information, and some state laws include other restrictions.
Can I get my FICO score for free?
In order to have access to your free FICO Score, you'll typically need to be the primary account holder on a consumer card. Once you meet the eligibility requirements, you can view your free FICO credit score from within your online account. Many mobile apps also have credit score dashboards.
How can I get collections removed from my credit report?
You can ask the current creditor — either the original creditor or a debt collector — for what's called a “goodwill deletion.” Write the collector a letter explaining your circumstances and why you would like the debt removed, such as if you're about to apply for a mortgage.
Can your credit be checked without permission?
The Fair Credit Reporting Act (FCRA) has a strict limit on who can check your credit and under what circumstance. The law regulates credit reporting and ensures that only business entities with a specific, legitimate purpose, and not members of the general public, can check your credit without written permission.
Is an 8 FICO score good?
Consequently, when lenders check your FICO credit score, whether based on credit report data from Equifax, Experian, or TransUnion, they will likely use the FICO 8 scoring model. FICO 8 scores range between 300 and 850. A FICO score of at least 700 is considered a good score.
How do I block access to my credit reports?
If you want to freeze your credit, you need to do it at each of the three major credit bureaus: Equifax (1-800-349-9960), TransUnion (1-888-909-8872) and Experian (1-888-397-3742). If you request a freeze, be sure to store the passwords you'll need to thaw your credit in a safe place.
Is a 792 credit score good?
A 792 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.
Can I sue a company for running my credit without my permission?
Remedies for FCRA Violations If you believe that somebody wrongfully pulled your credit report, you might be able to sue them in state or federal court for damages. Your state's laws may also offer additional relief and remedies.
How often is FICO used?
FICO Scores are used in 90% of U.S. lending decisions —here’s where to get yours for free. FICO Scores are used in 90% of U.S. lending decisions, making it key to know your credit score. Here are resources that provide access to your free FICO Score.
What percentage of lenders use FICO?
Lenders use FICO Scores in the majority (90%) of U.S. lending decisions. Knowing and understanding your three-digit FICO credit score is key to gauging what financial products you may qualify for and the terms you’ll receive. The higher your FICO Score, the better chances you have of receiving low interest rates and competitive terms.
Which credit card companies give free FICO scores?
Here are some issuers that provide free FICO Score access to their cardholders: American Express. Bank of America. Citi. Discover. Wells Fargo. In order to have access to your free FICO Score, you’ll typically need to be the primary account holder on a consumer card.
How to get a free FICO score from Discover?
To access your free FICO score from Discover, create an account at CreditScorecard.com. You'll need to supply personal information, including your Social Security number, then answer questions to verify your identity and set your security questions.
What is Capital One's FICO score?
The Capital One score is based on the VantageScore 3.0 model, which was developed by the three credit bureaus, Equifax, Experian and TransUnion. VantageScore provides a general snapshot of credit health. However, most lenders use FICO scores when they make decisions on approving loans or credit card applications.
How often is your credit score updated?
Your credit information is updated every 30 days, and you can download your current Credit Scorecard to compare it to your next report.
Why is FIFO not appropriate?
FIFO will not be an appropriate measure if the materials/goods purchased have fluctuating price patterns, because this can result in misstated profits for the same period as different costs of same goods during that same period are recorded.
What is the advantage of FIFO method?
The first in first out (FIFO) method of inventory valuation has the following advantages for business organization: FIFO method saves money and time in calculating the exact cost of the inventory being sold because the cost will depend upon the most former cash flows of purchases to be used first.
What are the disadvantages of using a FIFO valuation method?
The major disadvantages of using a FIFO inventory valuation method are given below: One of the biggest disadvantage of FIFO approach of valuation for inventory/stock is that in the times of inflation it results in higher profits, due to which higher “Tax Liabilities” incur . It can result in increased cash out flows in relation to tax charges.
Why does FIFO show increased gross and net profits?
This is because the “cost of sales” consists of figure of inventory and as first inventories will have less cost than recent inventories during inflation, the profits reported would be higher.
Is FIFO a measure of hyperinflation?
FIFO may not be a suitable measure in times of “hyper inflation”. In such times there exist no reasonable pattern of inflation and prices of goods could inflate drastically.
What is the HIPAA Privacy Rule?
Under the HIPAA Privacy Rule, government-operated health plans and health care providers must meet substantially the same requirements as private ones for protecting the privacy of individual identifiable health information.
What is the Privacy Act of 1974?
In addition, all Federal agencies must also meet the requirements of the Privacy Act of 1974, which restricts what information about individual citizens – including any personal health information – can be shared with other agencies and with the public.
What is the new authority for government?
The only new authority for government involves enforcement of the protections in the Privacy Rule itself. To ensure that covered entities protect patients’ privacy as required, the Rule requires that health plans, hospitals, and other covered entities cooperate with efforts by the Department of Health and Human Services (HHS) ...
What does HIPAA require?
For the most part, the HIPAA regulations require covered entities to tell their customers about ways their medical files could be disclosed without their consent , including national security & intelligence activities and Presidential security reasons. [x] Under the HIPAA rules, hospitals and other covered entities "must provide a notice that is written in plain language" and contains a "description of... purposes for which" they are "permitted... to use or disclose protected health information without the individual's written authorization." [xi]
Should medical information be turned over to law enforcement?
A: You should call on the Congress and your state legislature to revise their medical privacy laws to provide that sensitive medical information can only be turned over to law enforcement and intelligence agencies, when they have probably cause to believe that a crime has been committed and a warrant issued by a neutral judge .
Does the Patriot Act prohibit medical records?
A: Probably. While the Patriot Act prohibits medical providers and others from disclosing that the government has demanded information, it apparently does not ban generalized notices (i.e. notices that do not mention whether a given entity has been served with a tangible items order) to people that the government has this power. Indeed, the HIPAA rules requiring notice of access to medical records for foreign intelligence gathering would seem to cover these situations, and are not explicitly contradicted by the Patriot Act. [xvii]
Does HIPAA require a notice of medical information?
A: Probably Not. The HIPAA rules merely require "adequate" notice of the government's power to get medical information for various law enforcement purposes, and lay down only rough ground rules regarding how entities should inform their customers about such disclosures. For example, the rules do not provide specific language to describe such disclosures, despite stipulating the use of exact words for other portions of these notices. [xii]
Can you disclose medical information without a warrant?
A: Yes. The HIPAA rules provide a wide variety of circumstances under which medical information can be disclosed for law enforcement-related purposes without explicitly requiring a warrant. [iii] These circumstances include (1) law enforcement requests for information to identify or locate a suspect, fugitive, witness, or missing person (2) instances where there has been a crime committed on the premises of the covered entity, and (3) in a medical emergency in connection with a crime. [iv]
Can the FBI get a court order?
A: Yes . Section 215 of the Patriot Act allows the FBI Director or his designee to get a court order under the Foreign Intelligence Surveillance Act "requiring the production of any tangible things (including books, records, papers, documents, and other items) for an investigation to protect against international terrorism or clandestine intelligence activities, provided that such investigation of a United States person is not conducted solely upon the basis of activities protected by the first amendment to the Constitution." [vii] This power appears to apply to medical records.
Does HIPAA require notice of a violation of the Patriot Act?
A: No. Nei ther HIPAA nor the Patriot Act require that notice be given to affected individuals, either before their files are turned over (giving them a chance to challenge the privacy infringement) or after the fact. In fact, the Patriot Act actually bans health providers from telling "any other person (other than those persons necessary to produce the tangible things under this section) that the Federal Bureau of Investigation has sought or obtained tangible things." [ix]
