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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.
what do you mean by 90% of the entire issue to be received before the allotment of shares?
Q. Explain about Modifying conventions? In certain examples companies don't strictly apply accounting principles because of modifying conventions (or constraints). Modifying co
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Q. Show types of activities performed by business organizations? The forms of business unit examined in the previous section are classified according to the type of ownership o
10,000 dollar loan at a Maturity of 3 months, an 8% interest rate
define accounting
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On January 1, 2012, Magnus Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1
Q. Describe about adjunct account? The Transportation-In account files the inward freight costs of acquiring merchandise. Transportation-In is an adjunct account in that it is
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