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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.
Limitations of Ratio Analysis : In spite of the a variety of uses of ratio analysis, it go through from certain limitations, some of which are as under; 1. Limited use
Q. Illustrate accumulated depreciation account? Micro Train place depreciation expense in its income statement and it reports accumulated depreciation in the balance sheet as a
Q. Explain horizontal analyses and using the financial results? The computation of dollar and or percentage changes from one year to the next in an item on financial statements
when discrepancies occured on financial documents,what consequences will arise?
how we can do tds audit
Q. Uses of journal in accounting? Organizing journal entries in a computerized system is different than in a manual system. The computer usually asks for the number of the acco
Q. Explain about accounting cycle? when an event is a measurable business transaction you require adequate proof of this transaction. After that you analyze the transaction's e
what is the BRS
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
Question: Part A: Briefly explain the term "depreciation" and give three reasons why do we need to provide for depreciation on fixed assets during a financial year. Part
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