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Inventory is habitually the largest and most important asset owned by a merchandising business. The inventory of some companies similar to car dealerships or jewellery stores may cost several times in excess of any other asset the company owns. Like an asset the inventory figure has a direct impact on reporting the solvency of the company in the balance sheet. Like a factor in determining cost of goods sold the inventory figure has a direct impact on the profitability of the company's operations as report in the income statement. Therefore the importance of the inventory figure should not be underestimated.
explain the separate set of books method for maintaining joint venture accounts
INCOME SUMMARY ACCOUNT This is a temporary account which used to summarize the balances of temporary revenue and expense accounts. This is also known as a clearing account. The
my unadjusted balance is not the same under credits and debits? And I can''t figure what went wrong.
Cargin Company uses the FIFO method in its process costing system. The Assembly Department started the month with 15,000 units in its beginning work in process inventory that were
The measurement of expense Accountants measure largely assets used in operating a business by their historical costs. Consequently they measure a depreciation expense resulting fro
State about the Trade discounts Percentage reduction from list price of the merchandise. These aren't recorded in the accounting records of the seller or buyer. Buyer always
Accrual basis of accounting means that the costs or revenues of events are renowned in the period in which they happens; by the cash flows may take place in another accounting peri
An accounting ledger that reveals the transaction history and amounts owed independently for each supplier from whom the business gets credit for purchases. The balance in the cust
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