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Q. Example of Periodic inventory procedure?
Periodic inventory procedure Merchandising companies selling small unit value merchandise such like nuts and bolts Christmas cards nails or pencils that haven't computerized their inventory systems often find that the extra costs of record-keeping under perpetual inventory procedure in excess of outweigh the benefits. These merchandising companies regularly use periodic inventory procedure.
Under periodic inventory procedure, companies do not use the Merchandise Inventory account to record each purchase and sale of merchandise. In its place a company corrects the balance in the Merchandise Inventory account as the result of a physical inventory count at the end of the accounting period. As well the company usually doesn't maintain other records showing the exact number of units that must be on hand. Even though periodic inventory procedure reduces record-keeping it as well reduces control over inventory items.
Q. Preparing a separate trial balance? As an alternative of preparing a separate trial balance as accountants uses the Trial Balance columns on a work sheet. The numbers and ti
Journal voucher is the voucher in which all the adjustment related entries and non cash non bank transactions are come ijournal eg-dep, some of them book the bills in journal and
ERS is a business process among trading partners that conduct commerce without invoices. In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN)
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matt schmidt company''s ledger shows the amount of
Q. Advantages and Disadvantages of FIFO? FIFO: Advantages (a) FIFO is easy to apply (b) the assumed flow of costs habitually corresponds with the normal physical flow of goods
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The information contained in published financial statements is of specific importance to external users, as shareholders and investors. Without any information they would not be ca
What is Purchase Returns?
What is uses of Purchases journal Purchases journal (SPECIAL JOURNAL) Used to record only credit purchases of merchandise-may be only one column which is posted to two accou
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