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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
The operating expenses section Operating Expenses - directly associated to the sale of merchandise General expenses (administrative expenses) related to business's offic
Q. What are Accounting software packages? Accounting software packages are normally menu driven and organized into modules such as accounts payable, general ledger, accounts re
Q. What do you mean by Overhead? Overhead -- a cost that doesn't vary with the level of production or sales and generally a costnot directly involved with sales or production.
Q. Explain about closing process? Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Ret
Adjusting Journal Entries = These are the entries which are not recoded and is to be adjusted at the end of the year .For example; Supplies in hand Supplies expense A/C Dr. and
A bank statement showed an overdraft of $750. A cheque issued in payment of rent for $570 had not been presented, and a cheque for $624 received was omitted from the statement. The
John Bentley is the chief financial officer for World Auto Parts Corporation the company buys approximately USD 500 million of auto parts every year from small suppliers all over t
I am doing a report on finding the major challenges in the future of my university with regards to their revenue and expenses. I have to discuss the main financial obstacles face
Q. Explain business entity concept? Suppose for instance that you own two businesses 1) a physical fitness centre and 2) a horse stable. As per to the business entity concept y
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