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. Steps used in retail inventory method?
The retail inventory method approximation the cost of the ending inventory by applying a cost/retail price ratio to ending inventory stated at retail prices. The benefit of this method is that companies can estimate ending inventory (at cost) without taking a physical inventory. Therefore the use of this estimate permits the preparation of interim financial statements monthly or quarterly with no taking a physical inventory. The key elements for finding the ending inventory by the retail inventory method are
- Total the beginning inventory as well as the net amount of goods purchased during the period at both cost and retail prices.
- Divide the cost of goods obtainable for sale by the retail price of the goods available for sale to find the cost/retail price ratio.
- Subtract the retail sales from the retail price of the goods available for sale to determine ending inventory at retail.
- Multiply the cost/retail price ratio or else percentage by the ending inventory at retail prices to reduce it to the ending inventory at cost.
Q. Learning objectives of trial balance? - The cash basis of accounting know revenues when cash is received and recognizes expenses when cash is paid out. - The accrual basi
what is the implications of applying accounting concepts wrongly
Q. Explain about Cost of goods sold? Cost of goods sold is the main expense in merchandising companies. Note the cost of goods sold segment of the classified income statement i
how do I do a cash payments journal?
A document or shape used by a customer to issue an order for goods or services. I need notes on 1.Procure to pay cycle with accounting entries 2.give to cash
the books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found later
Using 2012 as the base year, prepare a trend anslysis for the data that follow, and tell whether the results suggest a favorable or unfavorable trend.(round to one decimal place.
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
Question 1 Write a short note on the following with example a. Activating budgets b. Reversing journals c. Memorandum vouchers d. Optional vouchers e. Creating Bill of Materials
transactions can be even directly entered to the ledger elaborate and explain why journal is necessary
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: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd