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Q. What do you mean by Net sales?
We demonstrate a condensed income statement to emphasize its major divisions. Next, we explain the more complete income statement actually prepared by accountants. The merchandising company that we use to exemplify the income statement is Hanlon Retail Food Store. This section describes how to record sales revenues including the effect of trade discounts. Then we describe how to record two deductions from sales revenues-sales discounts and sales returns and allowances. The amount that leftovers is net sales. The formula for formative net sales is
In a sales transaction the seller transport the legal ownership (title) of the goods to the buyer.
Habitually the physical delivery of the goods takes place at the same time as the sale of the goods. A business document called as an invoice a sales invoice for the seller and a purchase invoice for the buyer becomes the basis for recording the sale.
Two techniques of accounting for inventory are perpetual inventory procedure and periodic inventory procedure. Under perpetual inventory procedure the inventory account is constant
Q. Horizontal and vertical analysis? Management carry out horizontal and vertical analyses along with other forms of analysis to help evaluate the wisdom of its past decisions
What is uses of Purchases journal Purchases journal (SPECIAL JOURNAL) Used to record only credit purchases of merchandise-may be only one column which is posted to two accou
Q. Explain about Staff accountant? Let us travel with Tracy as she begins her career at the staff level. At the onset, she works directly under a senior accountant on each of h
If a customer payment data was lost and needed to be reconstructed what are some of the ethical considerations the business owner would need to consider? This may include internal
Finance Officer: the life blood of business is Finance. Procuring financial resources and their judicious utilization are the two significant activities of financial management. F
Q. Example of Unearned service fees? Unearned service fees On December 7 Micro Train Company received USD 4500 from a customer in payment for future training services. The firm
Q. Illustrate the Financial accounting process? In this section we describe the accounting equation as the framework for the entire accounting process. Then we demonstrate you
Inflation Accounting: It is related along with the adjustment in the value of assets that is current and fixed and of income in the light of changes in the price level. In a
current and non current liabilties
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