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Q. What do you mean by consigned goods?
FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accusation from amount owed to seller. The buyer debits Accounts Payable in addition to credits Cash when paying the freight. The seller debits Delivery Expense as well as credits Accounts Receivable when informed of the freight charges. Therefore companies should include goods shipped to potential customers on approval in their inventories. Likewise companies shouldn't record consigned goods (goods delivered to another party who attempts to sell them for a commission) as sold goods. These goods remain the property of the owner (consignor) until sell by the consignee and should be included in the owner's inventory.
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
what is book keeping?
Solve accounting income statement question in single step with given details.. The following are information for the Lotu Wo Company: Net Sales 5
Some companies announce pro forma earnings and then disclose real earnings measured under US Generally Accepted Accounting Principles (GAAP) in their quarterly financial reports.
what is the matching rule applied?
Q. What do you eman by Expenditure? Expenditure -- an expenditure takes place when something is attained for a business -- an asset isbought, salaries are paid and so on. An ex
Q. What is sales transaction? - In a sales transaction the seller transmits the legal ownership (title) of the goods to the buyer. - An invoice is a document prepared by the
Using the data from the Dell Computer annual report determine how Dell calculated the four days' supply of raw materials. Do you think four days'supply is a valid
solutions for chapter 8
ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. elaborate on the statement and explain why journal is neces
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