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Q. Explain about Merchandise inventory?
Merchandise inventory is the quantity of goods assumed by a merchandising company for resale to customers. Merchandising companies verify the quantity of inventory items by a physical count. The merchandise inventory figure utilized by accountants depends on the quantity of inventory items and the cost of the items. This section discusses four accepted techniques of costing the items (a) specific identification (b) first-in, first-out (FIFO) (c) last-in, first-out (LIFO) and (d) weightedaverage. Every method has advantages as well as disadvantages. This section stresses the significance of having accurate inventory figures and the serious consequences of using inaccurate inventory figures. When you finish this section you must understand how taking inventory connects with the cost of goods sold figure on the store's income statement the retained earnings amount on the statement of retained earnings plus both the inventory figure and the retained earnings amount on the store's balance sheet.
Q. What is Perpetual inventory records? Perpetual inventory records Even though companies could apply perpetual inventory procedure by hand tracking units and dollars in and ou
Q. Learning objectives of Accounting theory? - Discuss and Identify the underlying assumptions or else concepts of accounting. - Discuss and Identify the main principles of
Q. Describe about accounting. Why is it called language of business? Accounting is known as -an art of recording, classifying and summarizing transactions and events in a si
State the list of Special journals Purchases - All credit purchases of merchandise Cash Payments - All payments of cash Sales - All credit sales of merchandise
Q. Explain about delivery expense? When shipping goods FOB destination freight prepaid the seller is accountable for and pays the freight bill. For the reason that the seller c
Harry and Sally were divorced three years ago. In July of the current year, their son, Joe, broke his arm falling out of a tree. Joe lives with Sally and Sally claims him as a de
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Question 1 Briefly explain the functions of accounting Question 2 Explain the three branches of accounting Question 3 What is single entry system? What are the advantages and
introduction,features,objectives,types of branches,difference between branches and departments
Q. What is Passage of title in transpotation? Passage of title is a term that point to the transfer of the legal ownership of goods. Title to the goods usually passes from sell
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