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Q. What is invoice?
An invoice is a document prepared by the seller of merchandise as well as sent to the buyer. The invoice contains the details of a sale such like the number of unit price, total price billed, terms of sale, units sold and manner of shipment. A retail company organize the invoice at the point of sale. A wholesale company which supplies goods to retailers organize the invoice after the shipping department notifies the accounting department that it has shipped the goods to the retailer. It is an instance of an invoice prepared by a wholesale company for goods sold to a retail company. By resources of the invoice as the source document a wholesale company records the revenue from the sale at the time of the sale for the following reasons
- The seller has passed legal title of the goods to the buyer as well as the goods are now the responsibility and property of the buyer.
- The seller has recognized the selling price of the goods.
- The seller has finished its compulsion.
- The seller has exchange the goods for another asset such as cash or accounts receivable.
- The seller are able to determine the costs incurred in selling the goods.
Q. Describe about Cash role in balance sheet? Cash includes deposits in banks obtainable for current operations at the balance sheet date plus cash on hand consisting of un-dep
How To figure the discount using calculator 1. Be sure that decimal selector is on 2 decimal places 2. Key in amount of the sale 3. Multiply by percent (use the percent key)
Classified income statement It is more involved for a merchandising business to conclude net loss or net income. Income statement is categorized into sections: 1. Revenue
XYZ Technology had $640,000 of retained earnings on December 31, 2010. The company paid common dividends of $50,000 in 2010 and had retained earnings of $500,000 on December 31, 20
Q. Explain about Gross margin method? The steps in computing ending inventory under the gross margin method are - Estimate gross margin based on net sales using the similar
Q. What do you mean by note? A note is an unqualified written promise to pay another party the amount owed either when demanded or at a certain specified date habitually with i
Q. What is Cost of goods sold? The second major division of an income statement for a merchandising business is cost of goods sold. Cost of goods sold is denotes to cost to the
After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. either a debi
You won a lottery which pays $10,000 per year for 10 years (at the end of each year). Assuming a discount rate of 8% calculate the present value of your expected winnings
what are the stages of operational research
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