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Explain in detail about the MERCHANDISE INVENTORY
Cost of merchandise purchased during an accounting period is debited to Purchases account. To determine VALUE of the goods on hand, it is essential to take an inventory-a physical count. Value of the goods on hand is then recorded in an ASSET account entitled MERCHANDISE INVENTORY.
Merchandise Inventory is decreased by the value of BEGINNING MERCHANDISE INVENTORY and it's increased by the value of ENDING MERCHANDISE INVENTORY.
Your report must include at a minimum the following items. 1. Calculate the following ratios based on the 2011 financial statement: * Current ratio * Quick ratio * Total asset
Its depends on the credit period of the company i.e. A company credit period 30 days 85 of the debtors collection should be recovered with in credit period. We can say the Effectiv
Q. Explain about Sales discounts? Sales discounts when a company sell goods on account it clearly specifies terms of payment on the invoice. For instance the invoice in Exhibit
the terms debit and credit are synonymous with left and right.
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
1000 words
Internal Auditor: Internal Auditor is a worker of the organization in contrast to an external auditor who is paid a fee for his employment. The internal auditor is responsible for
Meranda Corporation purchases a machine for $125,000. It has an estimated salvage value of $10,000 an is expected to produce 50,000 units in its lifetime. During the first year of
Q. What is Sales Discounts account? The Sales Discounts account is the contra revenue account to the Sales account. In the income statement the seller deducts this contra reven
Q. Sales discounts and Sales returns? Sales discounts arise when the seller tenders the buyer a cash discount of 1 percent to 3 percent to induce early payment of an amount due
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