Explain in brief about the purchases account, Accounting Basics

Explain in brief about the purchases account 

keeps a record of cost of merchandise purchased for resale during an accounting period.

Assets are recorded as assets-not purchases.

 

Posted Date: 9/23/2013 1:12:51 AM | Location : United States







Related Discussions:- Explain in brief about the purchases account, Assignment Help, Ask Question on Explain in brief about the purchases account, Get Answer, Expert's Help, Explain in brief about the purchases account Discussions

Write discussion on Explain in brief about the purchases account
Your posts are moderated
Related Questions
Q. Example of sales cycle of company? For several retailers a large percentage of their annual sales occur during the period from Thanksgiving to Christmas. They efforts to sto

Profitability refers to a company's ability to obtain  profits and positive cash flows and to its ability to obtain an adequate return on invested capital or a company's ability to

Why to and by using in journal, trading a/c, p&l a/c and ledger?

how is withdrawaL OF goods by owner for personal use treated in the books

Q. Explain about full disclosure principle? The full disclosure principle states that information significant enough to influence the decisions of an informed user of the finan

Q. Adjustments for accrued items? Accrued items need two types of adjusting entries asset/revenue adjustments and liability/expense adjustments. The first group asset/revenue a


Full form= Winter compensation from contributions.

Q. Example of adjusting entries? Regulate entries bring the amounts in the general ledger accounts to their proper balances before the company prepares its financial statements

Breakeven Analysis - I really need help calculating this. Our company's breakeven point occurs after the agency consecutively yields two months of positive net income. This a