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The Opening Stock of goods is the stock of goods in hand at the start of an accounting year. It may contain stock of raw material, work-in-progress and finished goods. It appears in the debit column of the trial balance. Inside the Trading Account this is the initial entry on the debit side. The valuation is generally done at cost or market price that ever is lower. The Stock of goods in hand on the end of accounting year is termed as Closing Stock. Likewise, closing stock may contain stock of raw material, work in progress and finished goods. The closing stock is demonstrated on the credit side of the Trading Account. Closing stock is generally not specified in the trial balance but is specified by way of additional information.
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It is a national organization of female Certified Public Accountants (CPAs) in America. The AWSCPA was established to encourage the interests of female CPAs in America by diverse
It is generally taken to include currency or legal tender, cheques or any other document which circulates as cash. It is generally classified like a current asset while it is acces
International Accounting Standard Committee ( I. A. S.C. ) Defines inventories as Tangible property) a. Held for sale in the ordinary course of business. b. In the proces
Organize the Trading Account from the subsequent details: Office Rent Rs. 5,000;Purchases Rs. 80,100; Opening stock Rs.25, 000; Stock at the end Rs. 15,000; Carriage Inward Rs.
1. Trading account is prepared so as to calculate gross profit or loss, whereas the function of the profit and loss account is to disclose net profit or loss. 2. Trading account
This includes both cash and credit sales of goods. From this demonstration of total sales, sales return also termed as Returns Inward, if any then is deducted in the inner column a
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In 1984 the Governmental Accounting Standards Board (GASB) was recognized with a fulltime chairperson and four part-time members. The GASB issues statements on financial and accoun
Need solution Corporate Financial Accounting Chapter 3 and Chapter 4: Complete PR 3-4A on page 137 using appropriate software. Complete EX 4-4 on page 187 using appropria
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