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Enumerate the term- Cash discounts
Offered to encourage prompt and early payment by buyer. Cash discounts are recorded in accounting records of both the buyer and the seller. Sales or purchases discounts. A common discount is 2/10, n/30. (2 percent discount if paid in 10 days; total due in 30 days)
One of the companies for which you provide accounting services offers office cleaning services and has 8 customers. Cleaning services are provided in the evenings, Sunday throu
i want to work for online assignments in basic accountancy
Q. Comparability in accounting information? When comparability exists reported similarities and differences in financial information are real and not the result of differing ac
An inflated budgeted expense account
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
WHO PREPARES A TRADING ACCOUNT AND WHY?
Q. Describe about adjunct account? The Transportation-In account files the inward freight costs of acquiring merchandise. Transportation-In is an adjunct account in that it is
Consistency Concept In practice, there are some manners to record an event or a transaction in the books of account. For illustration, the trade discount on raw material purch
define accounting. Explain the accounting concepts which guide the accountant at the recording stage.
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