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Q. Describe the methods of recording?
Two general deductions from gross sales are (a) sales discounts and (b) sales returns and allowances. Sellers trace these deductions in contra revenue accounts to the Sales account. Contra accounts have typical balances that are opposite to the balance of the account they reduce. For instance since the Sales account normally has a credit balance the Sales Discounts account as well as Sales Returns and Allowances account have debit balances.
Q. Traditional body of accounting theory? Presenting the traditional body of theory first as well as the conceptual framework second gives you a sense of the historical develop
Why is it important for accounting information to be accurate and timely?
Q. Explain about lower-of-cost-or-market method? The lower-of-cost-or-market (LCM) method is the inventory costing method that values inventory at the lower of its historical c
Earlier we defined accounting as the process of measuring, identifying and communicating economic information to permit informed judgments and decisions by the users of the informa
A)Guerrero Company occupied in the following events during 2012: 1. Began operations by issuing common stock to investors for $40,000 cash 2. Given services to customers on a
preparing trial balance with balance method
Ask queshow to be an experttion #Minimum 100 words accepted#
Explain about the RECORDING PURCHASES Source document for recording a purchase of merchandise is purchase invoice. o An instance of a transaction of purchasing merchandise
Q. Valuation of ending inventory? First a merchandising company should be sure that it has properly valued its ending inventory. If the resulting in an ending inventory is over
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
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