Accounting Basics, Accounting Basics

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WHAT IS ACCOUNTING

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Example on gross margin method, Q. Example on gross margin method? To d...

Q. Example on gross margin method? To demonstrate the gross margin method of computing inventory assumes that for several Years Field Company has maintained a 30 per cent gross

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Q. Explain Merchandise in transit? Merchandise in transit is merchandise in the hands of a shipment company on the date of a physical inventory. As stated above buyers should

Balance sheet, where dose inventory changes aper on the balance sheet

where dose inventory changes aper on the balance sheet

Perpetual Inventory Systems, How do you do journal entries for an item boug...

How do you do journal entries for an item bought on credit and then later returned and the total selling price was 4,275.

Explain periodicity assumption of accounting, Q. Explain Periodicity assump...

Q. Explain Periodicity assumption of accounting? As-per to the periodicity (time periods) assumption accountants divide an entity's life into months or years to report its econ

What is income summary account, Q. What is Income Summary account? The ...

Q. What is Income Summary account? The Income Summary account is a clearing account used merely at the end of an accounting period to summarize revenues and expenses for the pe

Evaluation of data - scope of accounting, Data evaluation is observed as th...

Data evaluation is observed as the most significant activity in accounting recently. Evaluation of data comprises controlling the activities of business along with the assist of bu

General Journal, Received and paid the telephone bill for $231 including GS...

Received and paid the telephone bill for $231 including GST

Define purchase discounts and purchase returns, Q. Define purchase discount...

Q. Define purchase discounts and purchase returns? Two general deductions from purchases are (a) purchase discounts and (b) purchase returns and allowances. In the general ledg

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Accrual Concept The accrual concept makes a distinction among the receipt of cash, and the right to obtain it, and the payment of cash and the legal obligation for pay it. In

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