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Q. Explain about Sales account?
In theory sellers could record both sales allowances and sales returns as debits to the Sales account for the reason that they cancel part of the recorded selling price. But because the amount of sales returns and sales allowances is useful information to management it should be shown separately. The amount of allowances and returns in relation to goods sold can indicate the quality of the goods high-return percentage, equals low quality or else of pressure applied by salespersons high-return percentage or equals high-pressure sales. Therefore sellers record sales returns and sales allowances in a separate Sales Returns and Allowances account.
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.
uses of accounting as a software enginner
Q. Show Tax benefits of LIFO? Tax benefits of LIFO The LIFO method outcomes in the lowest taxable income and thus the lowest income taxes when prices are rising. The Internal R
WHERE DO I START? I have two questions QUESTION1 On March 31, 2010, our company, Harry Yolo, purchased a 100,000. 8% 10-year bond for 102 from Fish Gimp, due in 6 years & 8 months
The information contained in published financial statements is of specific importance to external users, as shareholders and investors. Without any information they would not be ca
Worthington Company issued 1,000,000 face value, 10% bonds on July 1 2012, when the market rate of interest was 12%. Interest payments are due every July 1 and January 1. Worthin
The two fundamental sources of equity in a company are stockholders and creditors their combined interests are called total equities. To discover the equity ratio divide stockholde
Q. Explain about Accrual basis and periodicity? Accrual basis and periodicity demonstrated that financial statements more accurately reflect the financial status and operations
A view organizes diagrams into logical groups to explain a particular aspect of the system. It is the abstraction of the system prepared is such a way as to give a perspective of a
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