Section 706.708 - Current assets: Account for inventory supplies1. The account for inventory supplies includes the inventories of all gasoline and other fuel in storage tanks at the end of the calendar year, using the lower of cost or market method to compute value.2. This account must also include the inventories at the end of the calendar year of all oil on hand as well as tires, batteries, radio parts, shop parts and small tools, computing value at the lower of cost or market.3. Appropriately entitled subaccounts must be maintained for materials and supplies related to each of the functional divisions maintained by the company, for example, operating, dispatching, shop and garage and general.4. The differences between the opening inventories at the beginning of the calendar year and the year-end inventories must be recorded as adjustments to the following accounts for operating expense described in subsection 6 of NAC 706.816: (d) Account for repairs and maintenance.Nev. Admin. Code § 706.708
Taxicab Auth., Uniform System of Accounts Reg. § 175, eff. 12-24-70; A 11-16-79