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Q. Explain about Sales account?
In theory sellers could record both sales allowances and sales returns as debits to the Sales account for the reason that they cancel part of the recorded selling price. But because the amount of sales returns and sales allowances is useful information to management it should be shown separately. The amount of allowances and returns in relation to goods sold can indicate the quality of the goods high-return percentage, equals low quality or else of pressure applied by salespersons high-return percentage or equals high-pressure sales. Therefore sellers record sales returns and sales allowances in a separate Sales Returns and Allowances account.
Components of Profit and Loss Account The Profit & Loss Account intend to check profit. It has three parts. 1) The Trading Account: These account the money in (revenue)
The 2001 Recession: It is November 2001 and the U.S. Stock market has plummeted and the recent September 11th attacks have hurt consumer condence. Businesses have stop hiring and c
Q. Can you explain about balance sheet? The balance sheet, sometimes called as the statement of financial position lists the liabilities, company's assets and stockholders' equ
Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 40
types of legancies
A high school counselor needs to show whether the teenage pregnancy rate at her school is disimilar from the rate nationwide. She knows that the rate nationwide is 15 %. She random
Q. Responsibility of General Manager and salesperson? Upon promotion to manager Tracy will start the transformation from auditor to executive. She will manage numerous audits a
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2013 Debit Credit Cash $
with help of illustrations,comment on final accounts
Q. What is Working capital? Working capital -- current assets minus current liabilities. In most businesses majorcomponents of working capital are cash, accounts receivable and
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