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Q. Balance of the Merchandise Inventory account?
The balance of the Merchandise Inventory account is a cost of the inventory that should be on hand. This fact is a major reason a few companies choose to use perpetual inventory procedure. The cost of inventory that must be on hand is readily available. A physical inventory determines the accurateness of the account balance. Management may perhaps investigate any major discrepancies between the balance in the account and the cost based on the physical count. It thus achieves greater control over inventory. While a shortage is discovered an adjusting entry is required. Presumptuous a USD 15 shortage (at cost) is discovered the entry is
Presume that the Cost of Goods Sold account had a balance of USD 200000 by year-end when it is closed to Income Summary. There are no former purchase-related accounts to be closed. The entry to close the Cost of Goods Sold account is as
Compare and contrast AICPA SSTS to Circular 230 related to knowledge of client''s omission.
Though the results of the operations of an exact enterprise can be termed as precisely only after the business has ceased to control, its assets have been sold off and responsibili
Q. Example of Income statement of a merchandising firm? To recapitulate the more important relationships in the income statement of a merchandising firm in equation form -
Q. Example of Periodic inventory procedure? Periodic inventory procedure Merchandising companies selling small unit value merchandise such like nuts and bolts Christmas cards n
Q. Explain about Conservatism? Conservatism The Conservatism means being prudent or cautious and making sure that assets and net income are not overstated. Such overstatements
Which of the following about debits and credits is false? A. Credits increase revenues, gains and bonds payable B. Debits increase salaries expense and prepaid expenses (prepayment
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.
The following difference among financial and taxable income were reported by Dider Corporation for the current year (a) Excess of tax depreciation over book depreciation-------
how to develop a course project having to do with writing notes for a fictitious annual report
Explain the term- CASH SHORT AND OVER This account is used to record both a shortage and overage of cash in cash drawer. When change is made during a business day, mistakes can
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