Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Q. Common deductions from gross sales?
Generally sales are for cash or on account when a sale is for cash the debit is to Cash and the credit is to Sales. While a sale is on account the debit is to Accounts Receivable and the credit is to Sales.
When companies tender trade discounts the gross selling price gross invoice price at which the sale is recorded is equal to the list price minus any trade discounts.
Two common deductions from gross sales are (a) sales discounts and (b) sales returns and allowances. These subtractions are recorded in contra revenue accounts to the Sales account. The Sales Discounts account as well as the Sales Returns and Allowances account normally has debit balances. Net sales = Sales - (Sales discounts + Sales returns and allowances).
Q. What is journal? In explaining the rules of credit and debit we recorded transactions directly in the accounts. Every ledger (general ledger) account shows only the increase
Q. Example of T-accounts? Suppose that the last day of December 2010 falls on a Monday this expense account doesn't show salaries earned by employees for the last day of the mo
For earnings management, is impairment of goodwill easier to manipulate than impairment of PPE?
In accounting, only those facts that can be expressed in terms of money are recorded. When money is accepted not merely as a medium of exchange but also as a measuring rod of value
Q. Analyzing how well the company is performing? The classified income statement illustrates important relationships that help in analyzing how well the company is performing.
Q. Why we need book value? Book value -- total assets minus total liabilities. Book value also meansvalue of an asset as recorded on the company's financial reports or books. B
Q. Accounting systems from manual to computerized? The manual accounting system with merely one general journal and one general ledger has been in use for hundreds of years and
Q. Describe about ledger? A ledger (general ledger) is the absolute collection of all the accounts of a company. The ledgers are feasibly in a bound volume in, loose-leaf form
Dividing Partnership Income Desmond Drury and Ty Wilkins have decided to form a partnership. They have agreed that Drury is to invest $44,700 and that Wilkins is to invest $1
Rosco Company purchased 35,000 shares of common stock of Paxton Corporation as a long term investment for $900,000. During the year, Paxton Corporation reported net income of $300,
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd