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Q. Describe Retail inventory method?
Retail stores often use the retail inventory method to estimate ending inventory at times other than year-end. Taking a physical inventory throughout an accounting period such as monthly or quarterly is too time consuming and significantly interferes with business operations.
Q. Explain about debits and credits? Accountants utilize the term debit instead of saying place an entry on the left side of the T-account. They utilize the term credit for Pla
On october 5 2011 mara hotel collectedmthe amount of 180000 repreesenting advanced rental from a tenant who occupies space of the building. tHe advanced rental willcover the period
Q. What do you mean by depreciable asset? A depreciable asset is a manufactured asset such like a building, vehicle, machine or piece of equipment that provides service to a bu
WHAT IS ACCOUNTING STANDARDS
test 1
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 a
my unadjusted balance is not the same under credits and debits? And I can''t figure what went wrong.
Question: You have decided to borrow $20,000 so that you can consolidate the loans you currently have with other lenders. You have agreed to repay the loan in 8 equal semi-annu
Uses of the Profit and Loss Account 1) The key utilize is to monitor and calculate profit. This suppose that the informat ion recording is correct. Significant harms can arise
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
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