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State the term- Purchases Returns and Allowances
Purchases Returns and Allowances is the name of the account which provides better control of allowances and returns of merchandise.
These transactions are recorded in a "contra" account and they have a normal balance of credit.
matt schmidt company''s ledger shows the amount of
Q. Explain accrual basis of accounting? In certain circumstances companies may perhaps use the cash basis for income tax purposes. All through the text we use the accrual basis
What is the full disclosure principle
Explain Discounts allowed.
An inflated budgeted expense account
define Macrs in detail
Q. Sales Returns and Allowances account? The Sales Returns and Allowances account is the contra revenue account to Sales that records the selling price of merchandise returned
In June 2011,Kelly purchased new equipment for $26000 to be used in her business.Assuming Kelly has net income from her business of $75000 prior to the deduction,what is the maximu
HOME Finance Company Limited made an after-tax profit of $3.172 million for the year ended June 30, 2008. Chairman James Datta said this was a milestone for the company, with a
with help of illustrations,comment on final accounts
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