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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 ledger both of these items usually carry credit balances. From the buyer's side of the transactions cash discounts are purchase discounts and merchandise returns as well as allowances are purchase returns and allowances.
Q. Advantages and Disadvantages of LIFO? LIFO: Advantages (a) LIFO reports both sales revenue and cost of goods sold in current dollars and (b) lower income taxes result if use
Montana Company produces basketballs. It incurred the following costs during the year. Direct materials: $14,032 Direct Labor: $25,706 Fixed manufacturing overhead: $9,698
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
1. Carmen Santiago works for a number of businesses as a “consultant.” She has helped design accounting systems, provided accounting services, and analyzed the financial s
THE BALANCE SHEET CONCEPTS According to Howard, a Balance Sheet might be definite as - 'a statement which reports the principles owned by the enterprise and the assert of the c
Q. What do you eman by Expenditure? Expenditure -- an expenditure takes place when something is attained for a business -- an asset isbought, salaries are paid and so on. An ex
As part of their divorce agreement , Harry transfers to Mary, his former spouse, GM stock with a market value of 30000, Harry had $20000 invested in the stock. How does this transf
The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to every other must
Q. FIFO under periodic inventory procedure? The FIFO (first-in, first out) method of inventory costing suppose that the costs of the first goods purchased are those charged to
implication of applying aacounting concept wronly
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