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Q. Explain about perpetual inventory procedure?
When discussing inventory we require clarifying whether we are referring to the physical goods on hand or the Merchandise Inventory account which is the financial representation of the physical goods on hand. The difference between periodic and perpetual inventory procedures is the frequency with which the Merchandise Inventory account is updated to reflect what is physically on hand. Under perpetual inventory procedure the Merchandise Inventory account is endlessly updated to reflect items on hand. For instance your supermarket uses a scanner to ring up your buy. While your box of Rice Krispies crosses the scanner the Merchandise Inventory account demonstrate that one less box of Rice Krispies is on hand.
does immaterial items have to be recorded
The beginning capital of the business totals $4,000. If the net income for the period totals $14,000 and the withdrawals by the owner total $3,000, what will be the new capital b
Explain about the RECORDING PURCHASES Source document for recording a purchase of merchandise is purchase invoice. o An instance of a transaction of purchasing merchandise
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
Governmental agencies at the state, federal, and local levels employ governmental accountants. Habitually the duties of these accountants relate to tax revenues and expenditures. F
A recent cash budget showed estimated cash receipts of $159,000, estimated cash disbursements of $155,000, and a desired ending cash balance of $6,000, with no borrowing of funds
xyz manufactures plastic shelving. The annual fixed cost for its current injection equipment is $ 100,000 variable cost is $25 per unit. The annual fixed cost for a new system is $
stpes to be taken prepaing for final accounts
You have been engaged internal auditor by the management of Alden proprietary limited to review its internal control over the purchases, receipt, storage and issue of raw material.
Q. Explain accrual basis of accounting? In certain circumstances companies may perhaps use the cash basis for income tax purposes. All through the text we use the accrual basis
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