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Q. What is Perpetual inventory records?
Perpetual inventory records Even though companies could apply perpetual inventory procedure by hand tracking units and dollars in and out of inventory is much easier using a computer. Both manual as well as computer processing maintain a record for each item in inventory. Observe Exhibit 48 an inventory record for Entertainment World a firm that sells several different brands of television sets. This inventory record illustrates the information on one particular brand and model of television set carried in inventory. Other information on the record comprises (a) the maximum and minimum number of units the company wishes to stock at any time (b) when and how many units were acquired and at what cost and (c) when and how many units were sold and what cost was assigned to cost of goods sold. The numbers of units on hand as well as their cost are readily available also.
Federal income tax Except specifically exempted, all income (illegal and legal) is subject to personal income tax. Withholding depends on 1) employee's gross earnings, 2) emplo
Question: Part A: Briefly explain the term "depreciation" and give three reasons why do we need to provide for depreciation on fixed assets during a financial year. Part
Q. What do you understand by Revenue? Revenue -- Amounts received by or due a company for services or goods it provides tocustomers. Receipts are cash revenues. Revenues can al
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
Q. Horizontal and vertical analysis? Management carry out horizontal and vertical analyses along with other forms of analysis to help evaluate the wisdom of its past decisions
Because of the large number of accounting scandals that involved misclassification on the balance sheet, FASB has paid particular attention to classification of cash and receivable
Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
what are the limitations to errors?
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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