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Q. Explain about trade discount?
A trade discount is a percentage deduction or else discount from the specified list price or catalogue price of merchandise. Companies utilize trade discounts to
- Decrease the cost of catalogue publication. A seller is able to use a catalogue for a longer time by printing list prices in the catalogue and giving separate discount sheets to salespersons whenever prices change.
- Allowance quantity discounts.
- authorize quotation of different prices to various customers such as retailers and wholesalers. The seller's invoice may demonstrate trade discounts. But sellers don't record trade discounts in their accounting records because the discounts are used only to calculate the gross selling price. Nor do trade discounts emerge on the books of the purchaser. To illustrate suppose an invoice contains the following data
The seller files a sale of USD 3360. The purchaser files a purchase of USD 3360. Therefore neither the seller nor the purchaser enters list prices and trade discounts on their books.
trying to put the numbers into the correct asset t-account and not adding up
1. For each of the following accounting assumptions/principles, explain a business transaction: (a) Accounting Entity Assumption (b) Going Concern Assumption (c) Matching Prin
Q. Describe about Net sales? Sales -- amounts received or due for services or goods sold to customers. Gross sales aretotal sales before any returns or adjustments. Net sales a
Q. Explain about Period costs? Period costs are costs not noticeable to specific products and expensed in the period incurred. Administrative and Selling costs are period costs
A firm has $200,000 in total assets and $120,000 in owner's equity. What are the total liabilities? A. $80,000 B. $200,000 C. $320,000 D. Cannot be determined from the info
Q. Explain journal entry? A journal is a sequential arranged in order of time record of business transactions. A journal entry is the stacking of a business transaction in the
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Based on the financial statements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown below, prepare the following financial ratios. Al
what is the implications of applying accounting concepts wrongly
Business transactions and the accounting equation A transaction is any activity which changes the value of a firm's assets, liabilities or owner's equity. Every transaction
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