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Q. Describe about Net sales?
Sales -- amounts received or due for services or goods sold to customers. Gross sales aretotal sales before any returns or adjustments. Net sales are after accounting for returns andadjustments.
Q. What is Purchase Discounts account? The buyer records the purchase discount merely when the invoice is paid within the discount period and the discount is taken. The Purchas
How to do a trial Balance Particulars Amount Dr. Amount Cr. In
Why is a provision for depreciation made in the financial statements? A to charge the cost of non-current assets against profits B to make a provision for repairs C to mak
Assignment Comments – Debt-to-assets ratio: 50% Current Ratio: 1.8x Total assets turnover: 1.5x Days sales outstanding: 36.5 days* Gross profit margin
1. Describe the following with detailed example: i. Wealth Maximization ii. Profit maximization 2. Describe the functions and limitations of accounting. 3. Prepare a deta
Any activity which you perform is assist if you comprise a set of rules to guide your efforts. Moreover, you determine that these rules are of more value to you if they are standar
Distinctions between management and financial accounting We can observe that management accounting is less constrained than financial accounting. It may draw from a range of s
Two techniques of accounting for inventory are perpetual inventory procedure and periodic inventory procedure. Under perpetual inventory procedure the inventory account is constant
1. State the equity equation. 2. Which account represents the beginning equity figure? 3. In which accounts are changes to equity recorded? 4. How do drawings affect the calculati
A good purchased for $480 sells for $700. If the store's operating expenses are 30% of cost, what is the percentage markup on cost? A. 1.5% B. 10.57% C. 15.83% D. 4
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