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Q. What is Gross selling price?
When a sale is on account it credits the Sales account as well as debits Accounts Receivable. The following entry records a USD 20000 sale on account. Typically a seller quotes the gross selling price as well called the invoice price of goods to the buyer.
But sometimes a seller quotes a list price of goods along with available trade discounts. In this latter situation the buyer should calculate the gross selling price. The list price less every trade discount is the gross selling price. Merchandising companies that trade goods use the gross selling price as the credit to sales.
A supplier to the electric utility industry produces power generators. The Transportation costs are high. One market area includes the lower part of the Great Lakes region
Q. What is Cost-benefit? Cost-benefit The cost-benefit consideration engrosses deciding whether the benefits of including optional information in financial statements exceed th
HOME Finance Company Limited made an after-tax profit of $3.172 million for the year ended June 30, 2008. Chairman James Datta said this was a milestone for the company, with a
define accounting.Briefly explain the accounting concepts which guide the accountant at the recording stage.
An example of a committed fixed cost would be: a) taxes on real estate b) management development programs c) public relations d) advertising programs
Mohan brothers invoiced goods to their branch at cost plus 33.33%. All the cash collected by branch is banked on the same day to the credit of head office. All expenses are paid by
Cash Book: It is one of the Subsidiary Book which is usually used by any business organisation to record all the cash transactions which helps to know the cash position as and when
Why is it important for accounting information to be accurate and timely?
Q. Explain about Predictive value and feedback value? Several suggest using a different valuation basis such as current cost in reporting such assets. Predictive value and feed
Problem 1: i) Assess the importance of accounting in the Public Sector. ii) How far has the Governmental Accounting Standards Board (GASB) changed financial reporting, ass
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