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Q. What do you eman by Purchases account?
In periodic inventory procedure a merchandising company uses the Purchases account to record the cost of merchandise bought for resale throughout the current accounting period. The Purchases account which is enlarged by debits appears with the income statement accounts in the chart of accounts.
To illustrate entries affecting the Purchases account supposes that Hanlon Retail Food Store made two purchases of merchandise from Smith Wholesale Company. Hanlon buy USD 30000 of merchandise on credit (on account) on May 4 as well as on May 21 purchased USD 20000 of merchandise for cash. The necessary journal entries for Hanlon are
The buyer deducts purchase returns and purchase discounts and allowances from purchases to arrive at net purchases. The accountant files these items in contra accounts to the Purchases account.
SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org
A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $7
what are the basic theory of accounting
Q. What is FOB shipping point? FOB shipping point signifies free on board at shipping point. The buyer acquires all transportation costs after the merchandise has been loaded o
Q. Show accounting deception situations? In 2002 The Sarbanes-Oxley Act was approved. The Act was approved as one result of the large losses to the employees and investors from
Q. What is Intangible Assets? Intangible Assets are items likecopyrights, patents, licenses, trademarks, franchises andother kinds of rights or things of value to a company tha
Q. Describe about ledger? A ledger (general ledger) is the absolute collection of all the accounts of a company. The ledgers are feasibly in a bound volume in, loose-leaf form
How would I plot these problems in a T-account? d. received applications from three students for a 4-week secretarial program and 2-students for a ten day keyboarding course. The s
Q. General principles of accounting? Organizations that have contributed towards the development of the principles are the 1)American Institute of Certified Public Accountants
Q. Explain about matching principle? The matching principle need that expenses incurred in producing revenues is deducted from the revenues they generated during the accounting
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