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Q. Explain FOB shipping point freight collect?
FOB shipping point freight collect - Buyer both initially pays and incurs the freight chargers. The proper party (buyer) paid the shipment. The buyer debits Transportation-In as well as credits Cash.
FOB destination freight prepaid - Seller both initially pays and incurs the freight charges. The proper party (seller) paid the shipment. The seller debits Delivery Expense as well as credits Cash.
FOB shipping point freight prepaid - Buyer incurs the freight chargers as well as seller initially pays the freight charges. Buyer should reimburse seller for freight charges. The seller debits Accounts Receivable as well as credits Cash upon paying the freight. The buyer debits Transportation-In in addition to credits Accounts Payable when informed of the freight charges.
Forms of business organizations Accountants habitually refer to a business organization as an accounting entity or a business entity. A business entity is some business organiz
Q. Describe about chain discount? Occasionally the list price of a product is subject to several trade discounts this series of discounts is a chain discount. Chain discounts s
Q. Define Gains and Losses? Gains are raise in equity net assets from peripheral or incidental transactions of an entity as well as from all other transactions and other events
Q. What is T-account? To exemplify recording the increases and decreases in an account texts use the T-account which appear like a capital letter T. The name of the account suc
A characteristic organization chart for finance and accounting function is presented in following figure 2. You will notice the person at the helm of affairs the Director of Financ
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how is withdrawaL OF goods by owner for personal use treated in the books
State about the Cash payments journal A special journal used to record any payment of cash. There would be a check number given to be recorded in journal as well. Source docume
Complete a descriptive analysis of the following data elements in the Organizational Assessment Study dataset. Use appropriate graphical tools and descriptive statistics to charact
#How to make journal entries?
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