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Illustrate Sales returns.
Q. Illsutarte the Summary of transactions? Summary of transactions is a teaching tool utilized to show the effects of transactions on the accounting equation. Note that the sto
Q. Explain about Equity or net asset? An equity or net asset is the residual interest in the assets of an entity that remains subsequent to deducting its liabilities and in the
what is going concern concept
what is book keeping?
Determining the physical quantity that should be contained in inventory normally is a simple matter because that amount have of items in the possession of the company. The cost of
ABC Company uses cash basis accounting for its records. During 2010, ABC collected $400,000 from its customers, made payments of $300,000 to its suppliers for inventory, and paid
Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.
#Q. Example on closing process?
Journal Entries are recorded on a double entry system like debit and credit concept. In order to record a journal entry the following steps require to be followed. ? Enter the J
Q. What is matching principle? Expense recognition is closely related to as well as sometimes discussed as part of the revenue recognition principle. The matching principle sta
A sales return or return inwards arises when goods previously sold by a business are returned by a customer. The return of the item reduces the income of the business in receipt of the returned goods. Alternatively, they experience an increase in an asset as their stock has increased. The business returning the goods experiences a decrease in asset and there is a decrease in liability to the business selling the goods.
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