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Benefits of Purchases Discounts
Purchases Discounts account is used to record discounts given for prompt payment.
To prove ACCOUNTS PAYABLE LEDGER, you will look at balance of the Accounts Payable account and balance of the Schedule of Accounts Payable. This schedule lists balances of the individual accounts which have amounts due. These two figures should balance.
Define the term - LIABILITIES Liabilities are debts owed by business. Paying cash is generally not possible or convenient, so businesses purchase services and goods on credit.
what are the limitations to errors?
What is the implication of applying accounting concepts wrongly
State unemployment tax This is referred to as SUTA (State Unemployment Tax Act). The taxes are paid to the state in which employer conducts business. This rate varies from stat
Q. What is Perpetual inventory records? Perpetual inventory records Even though companies could apply perpetual inventory procedure by hand tracking units and dollars in and ou
Q. What is Unbilled training fees? A company may possibly perform services for customers in one accounting period while it bills for the services in a different accounting peri
Q. What is Intangible Assets? Intangible assets consist of the nonmonetary, noncurrent, nonphysical assets of a business. Companies should charge the costs of intangible assets
In accounting we create a distinction between business and the owner. All the records are maintained from the viewpoint of the business, quite than from that of the owner. An enter
The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la
What is a limitation of the use of accounting information that is totally outside the entity's control? A changes in legal reporting requirements B changes in inventory valua
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