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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. Example of Adjustments for deferred items? A real physical inventory a count of the supplies on hand at the end of the month showed only USD 900 of supplies on hand. Therefo
On June 1st, Green Pea, Inc. purchased $1,200 worth of supplies on account. How does this transaction affect Green Pea's accounts? a. Increase supplies and accounts payable by $
Dunmore Coal and Iron purchased $1,000,000 in corporate bonds and 500,000 shares of common stock in its competitor, Olyphant Iron. Dunmore plans to hold onto the bonds until the ma
Q. Comparability in accounting information? When comparability exists reported similarities and differences in financial information are real and not the result of differing ac
Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on Decemb
User accounts are the primary means of access for actual people to the system (computer), and these accounts insulate the user and the environment, preventing the users from damagi
Why to and by using in journal, trading a/c, p&l a/c and ledger?
Fundamental of Accounting 1. Explain the concept of accrued income with the help of an example. 2. Explain the five disadvantages of Single Entry System? 3. Explain the s
Q. Financial statements of business organizations? Business entities may perhaps have many objectives and goals. For instance one of your objectives in owning a physical fitnes
A business may perhaps engage in thousands of transactions during a year. An accountant summarizes and classifies the data in these transactions to create useful information.
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