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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.
Data evaluation is observed as the most significant activity in accounting recently. Evaluation of data comprises controlling the activities of business along with the assist of bu
How to prepare the worksheet Look carefully at worksheet in the text. Remember that it is an informal working paper used to prepare financial statements. Place transparenci
Control of independent demand inventory items
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Q. Explain about cost principle? As applied to largely assets this principle is often called the cost principle. It utter that purchased or self-constructed assets are initiall
Which error will cause a trial balance not to balance? A an invoice entered as a credit note on original input. B a journal entry that does not balance. C a transaction entere
Revenues emerge in the Income Statement credit column of the work sheet. The two revenue accounts in the Income Statement are credit column for Micro Train Company are service reve
Company took loans of rs 400000from mbl and issued 8% debentures of rs 500000b as collateral security pass journal entries regarding issue of debentures if any and show the loan in
The owner's equity of Logan's company is equal to one quarter of the total assets. Liabilities equal $60,000. What is the amount of owner's equity?
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