Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Q. Importance of proper inventory valuation?
A merchandising company is able to prepare accurate statements of retained earnings, income statements and balance sheets only if its inventory is correctly valued. On the income statement a company utilizing periodic inventory procedure takes a physical inventory to determine the cost of goods sold. Since the cost of goods sold figure distress the company's net income it as well affects the balance of retained earnings on the statement of retained earnings. On the balance sheet wrong inventory amounts distress both the reported ending inventory and retained earnings. Inventories shown on the balance sheet under the heading "Current Assets" which reports current assets in a descending order of liquidity for the reason that inventories are consumed or converted into cash within a year or one operating cycle whichever is longer inventories habitually follow cash and receivables on the balance sheet.
Remind that under periodic inventory procedure we determine the cost of goods sold figure by adding the beginning inventory to the net cost of purchases as well as deducting the ending inventory. In each accounting period the appropriate expenses should be matched with the revenues of that period to determine the net income. Applied to inventory matching involves determining (a) how much of the cost of goods available for sale during the period should be deducted from current revenues and (b) how much should be allocated to goods on hand and thus carried forward as an asset merchandise inventory in the balance sheet to be matched against future revenues. For the reason that we determine the cost of goods sold by deducting the ending inventory from the cost of goods available for sale a highly important relationship exists Net income for an accounting period depends directly on the valuation of ending inventory.
Q. Database management system - accounting perspective? A database management system stores related data-such like monthly sales data products, salespersons, customers and sale
Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of emp
ERS is a business process among trading partners that conduct commerce without invoices. In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN)
What is Merchandise returns A Return is when a customer returns to the seller part or all items purchased. An Allowance occurs when seller grants a customer a price reductio
decrease in assat & decrease in capital
formation of partnership and changes in constitution of parternship
Q. What is Working capital? Working capital -- current assets minus current liabilities. In most businesses majorcomponents of working capital are cash, accounts receivable and
show deeply
Q. What is Intangible Assets? Intangible assets consist of the nonmonetary, noncurrent, nonphysical assets of a business. Companies should charge the costs of intangible assets
Q. Show Transactions affecting the income statement? To continue to exist a business must be profitable. This signifies that the revenues earned by providing goods and services
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd