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Q. Describe Retail inventory method?
Retail stores often use the retail inventory method to estimate ending inventory at times other than year-end. Taking a physical inventory throughout an accounting period such as monthly or quarterly is too time consuming and significantly interferes with business operations.
A of Surat consigned goods to B of Jaipur to be sold at or above invoice price. B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price real
I want to learning Accouny basic
Determine the terms of Recording sales of merchandise The SALES ACCOUNT is a temporary account with a normal credit balance. It's ONLY used to record sale of merchandise on
Q. Show Sales returns and allowances? Sales returns and allowances Merchandising companies typically permit customers to return goods that are defective or unsatisfactory for a
Q. Explain Statement of retained earnings? The statement of retained earnings demonstrates the change in retained earnings between the beginning and end of a period e.g. a mont
Oil production has been proposed for an area along the coast off Southern California. Oil production would jeopardize the use of beaches along 10 miles of coast which are a major v
The Dividends account increases (debited) as well as an asset cash decreases (credited) by USD 3000. Transaction 15 brings to a close the analysis of the Micro Train Company transa
Q. What do you mean by Overhead? Overhead -- a cost that doesn't vary with the level of production or sales and generally a costnot directly involved with sales or production.
Q. What do you mean by Stock? Stock -- a certificate (or electronic or other record) which indicates ownership of a portion of acorporation; a share of stock. Preferred stock p
Q. Explain about Long-term assets? Long-term assets are assets that a business has on hand or else uses for a relatively long time. Examples include plant, property and equipme
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