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Q. What do you mean by consigned goods?
FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accusation from amount owed to seller. The buyer debits Accounts Payable in addition to credits Cash when paying the freight. The seller debits Delivery Expense as well as credits Accounts Receivable when informed of the freight charges. Therefore companies should include goods shipped to potential customers on approval in their inventories. Likewise companies shouldn't record consigned goods (goods delivered to another party who attempts to sell them for a commission) as sold goods. These goods remain the property of the owner (consignor) until sell by the consignee and should be included in the owner's inventory.
Q. Show Unearned revenues? Unearned revenues- revenues received in advance consequence when a company receives payment for goods or services before earning the revenue such as
Concept of Conservatism: The concept of conservatism, also termed as the concept of prudence, is frequently stated as "anticipate no profit, give for all possible losses". It
Q. What is Variable cost? Variable cost -- a cost which changes as production or sales change. If a business is producingnothing and selling nothing, variable cost must be zero
It is reduction of taxes where from the income is produces and regarding services to be taxed there are about 120 services which are taxed in India for provision of service tax
Q. Show the Chart of accounts? Chart of accounts -- a listing of all accounts or categories into that businesstransactions would be classified and recorded. Every account gener
Q. Show Debit and Credit column? - Debit column. In the debit column the sum of the debit is on the same line as the title of the account debited. - Credit column. In the cr
decrease in assat & decrease in capital
Compare and contrast AICPA SSTS to Circular 230 related to knowledge of client''s omission.
.1 INTRODUCTION The world keeps developing new ways and technologies to help do things and achieve a timeline shorter compared to the way it previously used to be done. New techn
Define accounting.Briefly explain the accounting concepts which guide the accountants at recording stage
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