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Q. Sales Returns and Allowances account?
The Sales Returns and Allowances account is the contra revenue account to Sales that records the selling price of merchandise returned by buyers or reductions in selling prices granted. Some companies utilize separate accounts for sales returns and for sales allowances but this text doesn't.
Human Resource Accounting: Way back in the year 1964 the first attempt to comprise figures on human capital in the balance sheet was made through Hermansson that later came to
1. Fill in the table below. Assume TC stands for Total Cost, TFC as Total Fixed Cost, TVC as Total Variable Cost, ATC as Average Total Cost, AFC as Average Fixed Cost, AVC as Aver
The t/p bill for this month was 200,the company will pay it next month what is the journal entry for this?
Q. Database management system - accounting perspective? A database management system stores related data-such like monthly sales data products, salespersons, customers and sale
State the steps of Merchandise inventory 1) TRANSFER THE BEGINNING INVENTORY FIGURE Debit INCOME SUMMARY for beginning inventory amount. Credit MERCHANDISE INVENTORY fo
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
Define the term - LIABILITIES Liabilities are debts owed by business. Paying cash is generally not possible or convenient, so businesses purchase services and goods on credit.
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
contractee account is it an assets account or expenses Account
Adjusting Journal Entries = These are the entries which are not recoded and is to be adjusted at the end of the year .For example; Supplies in hand Supplies expense A/C Dr. and
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