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Q. Explain about Freight collect?
Freight collect indicates the buyer should initially pay the freight bill on the arrival of the goods. To demonstrate the use of these terms suppose that a company ships goods FOB shipping point freight collect. Title goes by at the shipping point. The buyer is accountable for paying the USD 100 freight costs and does so. The seller compose no entry for freight charges the entry on the buyer's books is
Hugo Company has a five-day workweek and pays salaries of $35,000 each Friday. 1. Prepare the adjusting entry required on May 31, assuming that June 1 falls on a Wednesday. 2. Prep
Some companies announce pro forma earnings and then disclose real earnings measured under US Generally Accepted Accounting Principles (GAAP) in their quarterly financial reports.
Materiality Concept: There are several events in business that are trivial or insignificant in nature. The cost of reporting and recording such events will not be justified th
Q. Effects of failing to prepare adjusting entries ? Failure to organize proper adjusting entries causes net income and the balance sheet to be in error. You are able to see the
what is assets and its type ?
1. Carmen Santiago works for a number of businesses as a “consultant.” She has helped design accounting systems, provided accounting services, and analyzed the financial s
Q. Show Unearned revenues? Unearned revenues- revenues received in advance consequence when a company receives payment for goods or services before earning the revenue such as
what is accounting equation and introduction
Determine the Income Statement columns of Worksheet Income Statement columns of the worksheet would comprise the amounts from Adjusted Trial Balance columns which are expenses
what the accounts maintained in retail business
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