Sundry matters-financial statement , Financial Accounting

Assignment Help:

Sundry Matters

1) The accounting system is also appropriate for departmental accounts.

2) The branch stock account is a practical means of controlling stock at the branch.  Supervisors can quickly ascertain the selling price of stock at a branch and compare this with the balance shown in the head office books. Such spot checks will bring to light:

  • Normal differences e.g. wastage, evaporation, minor miscalculation of selling price, or errors in stock taking;
  • Abnormal differences e.g. goods or cash stolen.

 

3) This method prevents branch staff from knowing the cost of goods being sold and preserves secrecy with regard to profits.

4) Ascertaining the percentage or fraction to deduct from invoice price may cause some students difficulty.  No doubt it is appreciated that the percentage to be deducted from the selling price is not the same as that which is added to cost, e.g. If 33 1/3% is added to cost to arrive at invoice price then 25% must be deducted from selling price to get back to cost.


Related Discussions:- Sundry matters-financial statement

Create multiple portfolios standard and poor mid cap, In this project you w...

In this project you will use your many skills to create multiple portfolios, using the Standard and Poor's Mid Cap 400 as your dataset. First, construct an index fund using a st

Prepare the statement of cash flows, The comparative balance sheets for 201...

The comparative balance sheets for 2013 and 2012 are given below for Surmise Company. Net income for 2013 was $80 million. SURMISE COMPANY Comparative Balance Sheets December 31, 2

Review a certified public accountant, Review - Accounting service which pro...

Review - Accounting service which provides some assurance as to reliability of financial information. In a review, a CERTIFIED PUBLIC ACCOUNTANT (CPA) doesn't conduct an examinatio

Net cash provided by operating activities was?, 50. In preparing a company'...

50. In preparing a company's statement of cash flows for the most recent year on the indirect method, the following information is available: 52,000-Net income for the year 18,00

Promissory note - evidence of a debt, Promissory Note - Evidence of a DEBT ...

Promissory Note - Evidence of a DEBT with specific amount due and interest rate. Note may specify a maturity date or it may be payable on demand. Promissory note may or may not acc

A Review of the Role of Financial Reporting in the Global Fi, Could you ple...

Could you please read this article? I am confused what the shortcoming of this critical review.

Executive, Ask question #EM201683STE718FACMinimum 100 words accepted#

Ask question #EM201683STE718FACMinimum 100 words accepted#

Provision for bad debts, A business had always made a provision for doubtfu...

A business had always made a provision for doubtful debts at the rate of 5% of debtors. On 1 January 2017 the provision for doubtful debts brought forward from the previous year wa

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd