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Q. What is Merchandise inventory?
Merchandise inventory is the cost of goods on hand in addition to available for sale at any given time. To determine the cost of goods sold in any accounting period management requires inventory information. Management should know its cost of goods on hand at the start of the period (beginning inventory) the net cost of purchases during the period and the cost of goods on hand at the close of the period (ending inventory). Ever since the ending inventory of the preceding period is the beginning inventory for the current period management previously knows the cost of the beginning inventory Companies record purchase discounts, purchases, purchase returns and allowances and transportation-in throughout the period. Consequently management requires determining only the cost of the ending inventory at the end of the period in order to calculate cost of goods sold.
Q. Describe about adjunct account? The Transportation-In account files the inward freight costs of acquiring merchandise. Transportation-In is an adjunct account in that it is
Objective of Eight non-profit organization engaged in the conservation forest and wild animals
Q. Income taxes payable? Taxes withheld from employees comprise federal income taxes, state income taxes and social security taxes withheld from employees' pay checks. The comp
The cost of goods sold section Cost of merchandise sold to customers during a period is subtracted from net sales figure for the same period to get amount of gross profit. (Ne
Q. First-in first-out inventory? FIFO (first-in first-out): Ending inventory contains of the most recent purchases. FIFO presumes that the costs of the first goods purchased ar
Q. Dividends paid to owners? Stockholders' equity is (a) improved by capital contributed by stockholders and by revenues earned through operations and (b) decreased by expenses
Q. Explain Periodicity assumption of accounting? As-per to the periodicity (time periods) assumption accountants divide an entity's life into months or years to report its econ
hi I was wondering you use provide the solution of the back of the book for advance accounting theory by Craig Deegan 4 edition ISBN - 13: 978-007101314 - 7 ISBN - 10: 007101314
Q. Explain about financial statement? The income statement is the statement of retained earnings the balance sheet and the statement of cash flows of Metro Courier Inc demonstr
What is Purchase Returns?
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