Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Q. Illustrate perpetual inventory procedure?
Data from Exhibit serves like the basis for some of the entries. You would debit the Merchandise Inventory account to record the enhance in the asset due to purchase costs and transportation-in costs. You would credit Merchandise Inventory to record reduces in the asset brought about by purchase discounts, purchase returns and allowances and cost of goods sold to customers. The balance in the account is the cost of the inventory that must be on hand at any date and this entry records the purchase of 10 units on March 2 in Exhibit.
You would as well record the 10 units sold on the perpetual inventory record in Exhibit. Perpetual inventory procedure needs two journal entries for each sale. One entry is at selling price a debit to Accounts Receivable (or Cash) as well as a credit to Sales. The other entry is at cost a debit to Cost of Goods Sold as well as a credit to Merchandise Inventory. Assume that the 10 units sold on March 10 in Exhibit had a retail price of USD 13 each you would record the following entries.
Explain What do you recognized by Open Item Managed Account? Ans) Open item management make sure that all items that have not yet been cleared are available in the system. Only
Q. What is Consistency? Consistency in general requires that a company use the same accounting principles and reporting practices through time. This concept disallows indiscrim
Accounting Standards The flexibilities offered by a choice of accounting treatments distinctly diminish, and even distort the comparability of relevant inform
Debenture holder are those who gives long term loan at specific interest rate in term of cas. Creditor gives only short term credit in term of cash for purchasing of goods.
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 do you understand by Revenue? Revenue -- Amounts received by or due a company for services or goods it provides tocustomers. Receipts are cash revenues. Revenues can al
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
Q. Define Current assets? Current assets are cash and other assets that a business is able to convert to cash or uses up in a relatively short period one year or one operating
Ratio Analysis : A 'Ratio' is clear as an arithmetical/quantitative/ numerical relationship between two numbers. Ratio analysis is a extremely significant and age old method of f
Credit -- an accounting entry on the bottom or right of a balance sheet. Generally an increase inliabilities or capital or a reduction in assets. Opposite of credit is debit. Every
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd