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Q. Explain about perpetual inventory procedure?
When discussing inventory we require clarifying whether we are referring to the physical goods on hand or the Merchandise Inventory account which is the financial representation of the physical goods on hand. The difference between periodic and perpetual inventory procedures is the frequency with which the Merchandise Inventory account is updated to reflect what is physically on hand. Under perpetual inventory procedure the Merchandise Inventory account is endlessly updated to reflect items on hand. For instance your supermarket uses a scanner to ring up your buy. While your box of Rice Krispies crosses the scanner the Merchandise Inventory account demonstrate that one less box of Rice Krispies is on hand.
If a customer payment data was lost and needed to be reconstructed what are some of the ethical considerations the business owner would need to consider? This may include internal
After adjustments and the closing of revenue and expense accounts at February 28, 2015, the end of the first full year of operations, the income summary account has a credit balanc
80 - 20 rule - A common rule of thumb in business which says that 20% of the items produce80% of the action -- 20% of product line produces 80% of the sales, 20 percent of thecusto
The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below. Q d = 424 - 40P Q s = 40 + 8P a. What is the equi
Q. Objective of Recording business transactions? - Use the account as the essential classifying and storage unit for accounting information. - Articulate the effects of busi
pls explain expenses incurred
1. PDQ Corp. has sales of $4,000,000; the firm''s cost of goods sold is $2,500,000; and its total operating expenses are $600,000. The firm''s interest expense is $250,000, and the
Q. Common deductions from gross sales? Generally sales are for cash or on account when a sale is for cash the debit is to Cash and the credit is to Sales. While a sale is on ac
Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on Decemb
What is OWNER'S EQUITY Difference between Liabilities and Assets is Owner's Equity. The can also be known as capital, proprietorship, or net worth.
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