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Q. What is Net realizable value?
Companies must not carry goods in inventory at more than their net realizable value. Net realizable value is the approximate selling price of an item less the estimated costs that the company incurs in preparing the item for sale and selling it. Obsolete, Damaged or shopworn goods often have a net realizable value lower than their historical cost and must be written down to their net realizable value. But goods don't have to be obsolete, damaged or shopworn for this situation to occur.
Technological changes as well as increased competition have caused significant reductions in selling prices for such products as DVD players, computers, TVs and digital cameras.
Q. Explain about trade discount? A trade discount is a percentage deduction or else discount from the specified list price or catalogue price of merchandise. Companies utilize
Q. Show Recording changes in assets? Recording changes in assets, liabilities, and stockholders' equity While recording commerce transactions remember that the foundation of
#quthe books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found la
Q. Responsibility of General Manager and salesperson? Upon promotion to manager Tracy will start the transformation from auditor to executive. She will manage numerous audits a
Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on Decemb
Q. What do you mean by Aging? Aging -- a process where accounts receivable are sorted out by age (typically current, 30 to60 days old, 60 to 120 days old and so on.) Aging perm
Q. Explain cash basis of accounting? Professionals such as lawyers and physicians and some relatively small businesses may account for their revenues and expenses on a cash bas
Accounting conventions The phrase 'convention' is used to signify customs or ethnicity as a guide to the research of accounting statements. A variety of accounting conventions
#How to make journal entries?
State the term- Debits must always equal credits To help understand Temporary Owner's Equity accounts. All transactions which affect owner's equity could be recorded in one
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