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Q. Advantage of a pre-inventory sale?
Have you still taken advantage of a pre-inventory sale at your favourite retail store Many stores offer bargain prices to decrease the merchandise on hand and to minimize the time and expense of taking the inventory. A smaller inventory as well enhances the probability of taking an accurate inventory since the store has less merchandise to count. From section 6 you know that companies use inventory amounts to determine the cost of goods sold this main expense affects a merchandising company's net income. In this section you learn how important inventories are in preparing a correct statement of retained earnings, income statement and balance sheet.
Question 1 Briefly explain the functions of accounting Question 2 Explain the three branches of accounting Question 3 What is single entry system? What are the advantages and
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what is meaning by parallel accounts
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Q. Explain about Exchange-price or cost principle? When resources are transferred between two parties such like buying merchandise on account the accountant must follow the exc
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