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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
Q. Ledger accounts in An accounting perspective? The idea of the Internet dates to the 1960s when the military tied together several computers forming a network that allowed us
Can you explain to me how you did it? As well as putting it in a excel format but make it not take a lot of papers to print it out. A girl in my class said you can use a paint prog
want a question of general jouranal , t account ,traial balance , income statement and balance sheet
Target Company issues bonds with a par value of $900,000 on their stated issue date. The bonds mature in 10 years and pay 10% annual interest in semiannual payments. On the issue
When we say an asset is at its Net Book Value, Does that mean Cost of asset + Revaluation added - Accumulated Depreciation or Revaluation is not relevant for calculating the NBV?
Illustrate the subsequent Accounting Concepts: a) Dual Aspect concept b) Materiality concept c) Matching concept d) Conservatism concept
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
Q. Explain about Accrual basis and periodicity? Accrual basis and periodicity demonstrated that financial statements more accurately reflect the financial status and operations
Social Responsibility Accounting: Social responsibility accounting is a modern phase in the development of accounting and owes its birth to rising social awareness that has be
Account titles and explanation column The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account t
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