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Q. Explain about Merchandise inventory?
Merchandise inventory is the quantity of goods assumed by a merchandising company for resale to customers. Merchandising companies verify the quantity of inventory items by a physical count. The merchandise inventory figure utilized by accountants depends on the quantity of inventory items and the cost of the items. This section discusses four accepted techniques of costing the items (a) specific identification (b) first-in, first-out (FIFO) (c) last-in, first-out (LIFO) and (d) weightedaverage. Every method has advantages as well as disadvantages. This section stresses the significance of having accurate inventory figures and the serious consequences of using inaccurate inventory figures. When you finish this section you must understand how taking inventory connects with the cost of goods sold figure on the store's income statement the retained earnings amount on the statement of retained earnings plus both the inventory figure and the retained earnings amount on the store's balance sheet.
Q. Define Expenses in terms of accounting? Expenses are outflows or else other using up of assets or incurrence of liabilities (or a combination of both) from rendering service
Q. Explain about Accounting transaction? An accounting transaction is a business event or activity that causes a measurable change in the accounting equation Assets = Liabiliti
Money payable by customers (individuals or corporations) to the other entity in exchange for goods or services that have been given or used, but not yet paid for. Receivables typic
Q. Explain about Money measurement concept? Money measurement concept. Economic activity is primarily recorded and reported in a common financial unit of measure the dollar in
Question 1: ‘A pension fund is an arrangement under which an organization makes financial provisions for its employees as well as its senior executives.' (a) What are the r
At the reception it is decrypted and actual data is obtained. Explain the different methods of encryption technique
Explain about the Management accounting Management accounting has also changed by becoming more outward looking in its focus. In past, information provided to managers has bee
what is the accounting concepts and conventions? and what is the procedure to follow the accounting formats
what is the implication of applying accounting concept wrongly
Notes to financial statements
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