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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 ac
Ask 1. What is the organization that is responsible for setting International Financial Reporting Standards? 2. What is the main company that Professor Levine uses for illustratio
I am trying to figure out FIFO LIFO and AVERAGE COST of the ending inventory and the cost of goods sold.
Q. Show the examples of long-term assets? Property, plant, and equipment are assets with helpful lives of more than one year a company acquires them for use in the business r
Uses of the Profit and Loss Account 1) The key utilize is to monitor and calculate profit. This suppose that the informat ion recording is correct. Significant harms can arise
Q. Explain Merchandising companies? Merchandising companies buy goods that are ready for sale and then sell them to customers. Merchandising companies comprise clothing stores,
Distinctions between management and financial accounting We can observe that management accounting is less constrained than financial accounting. It may draw from a range of s
Q. Show Periodicity concept? As per to the periodicity (time periods) concept or assumption an entity's life can be meaningfully subdivided into time periods (such as months or
what accounts go into a balance sheet
Q. What do you mean by consigned goods? FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accus
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