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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.
Q. What is Unbilled training fees? A company may possibly perform services for customers in one accounting period while it bills for the services in a different accounting peri
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Carrying amounts of merchandise materials as well as supplies inventories are generally determined on a moving average cost basis and are stated at the lower of cost or market.
Why is the cash basis of accounting not used when preparing financial statements?
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Q. Equity segment of a corporate balance sheet? The stockholders' equity segment of a corporate balance sheet can become more complex as you will see later in the text. But the
Below is the share price, taken annually over the last ten years, and a table of dividends paid over the last ten years, for each Bendigo and Adelaide Bank and Commonwealth Bank.
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 Bank reconciliation manipulates cross verifying the entries in the cash book(bank balance)with that of pass book. Mostly the reasons for disagreement of cash book with that of
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