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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.
Concept of Flow of Funds : It refers to the 'Change in Funds' or 'Change in Working Capital'. That is, any increase or decrease in Working Capital. In business, daily, numerous t
I need help understanding my Accounting 205 class. Would some one please help me understand what I am having such a hard time comprehending.
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owner invested 80000 cash and 2000 office equpmeent in to the business bank account
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test 1
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When common stock has a par value of $2 and a market value of $15: 1.) the liability of the stockholders is $13 per share 2.) there will be additional paid-in capital of $1
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