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Classified income statement
It is more involved for a merchandising business to conclude net loss or net income. Income statement is categorized into sections:
1. Revenue
2. Cost of Goods Sold
3. Operating Expenses
4. Income from Operations
5. Other Income and Expenses
What is TRIAL BALANCE This statement is a listing on a certain date which demonstrates all accounts and their balances. This generally happen at the end of the month however it
Q. Classes and types of adjusting entries? Adjusting entries plunge into two broad classes deferred meaning to postpone or delay items and accrued meaning to grow or accumulate
Q. Explain about Purchase returns and allowances? Purchase returns and allowances A purchase return takes place when a buyer returns merchandise to a seller. When a buyer recei
Q. Explain about Traditional accounting theory? Conventional accounting theory consists of underlying assumptions rules of measurement major principles and modifying convention
Received $170,000 cash from Electronic Arts, Inc. for service revenue earned in January.
What is the implication of applying accounting concepts wrongly
wat is assets and its types?
What does a business owner do when the cash balance approaches zero and there are bills to be paid? (Hint: look at the financing activities of the Cash Flow Statement and then lo
How do you do journal entries for an item bought on credit and then later returned and the total selling price was 4,275.
Benefits of Purchases Discounts Purchases Discounts account is used to record discounts given for prompt payment. To prove ACCOUNTS PAYABLE LEDGER , you will look at bala
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