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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.
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Definite the meaning of accounting equation
#question.outline basic elements to keep in mind while preparing an income statement?
1. For what reasons do corporations purchase the stock of other corporations? 2. Explain how marketable securities should be classified in the balance sheet. 3. Describe the valu
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