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Determine about the revenue section
Revenue section provides a figure for net sales, which is balance of the Sales account, less the balances of contra sales accounts. (Sales - Sales Returns and Allowances and Sales Discounts = Net Sales)
Q. Explain about perpetual inventory procedure? When discussing inventory we require clarifying whether we are referring to the physical goods on hand or the Merchandise Invent
On December 31, 2013, University Theatres issued $500,000 face value of bonds. The stated rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds mature
Q. What is Depreciation? Depreciation -- an expense which is supposed to reflect the loss in value of a fixed asset. Forinstance if a machine will entirely wear out after ten y
Q. Show Periodicity concept? As per to the periodicity (time periods) concept or assumption an entity's life can be meaningfully subdivided into time periods (such as months or
The cost of goods sold section Cost of merchandise sold to customers during a period is subtracted from net sales figure for the same period to get amount of gross profit. (Ne
Replenishing the Petty Cash Fund Debit every expense account, supplies, or drawing as needed. Credit to Cash. Petty Cash is only debited when fund is established or increased.
It dates from the development of huge scale business and the advent of Joint Stock Company as a form of business that enables the public to participate in giving capital in return
Ken, a resident, is a handyman who contracts with people to do a variety of jobs including repairing fences, fixing household items and small painting jobs. As part of this work, K
i want to clear concepts of journal
exploration costs for mining companies are assts
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