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ERS is a business process among trading partners that conduct commerce without invoices. In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN) and the purchaser upon receipt confirms the existence of a corresponding purchase order or contract verifies the identity and amount of the goods and then gives the supplier.
Accrual Concept The accrual concept makes a distinction among the receipt of cash, and the right to obtain it, and the payment of cash and the legal obligation for pay it. In
Q. What is sales transaction? - In a sales transaction the seller transmits the legal ownership (title) of the goods to the buyer. - An invoice is a document prepared by the
S olvency Ratios (Long Term): These Ratios measure the long term financial provision of the firm. Creditors and Bankers are mainly interested in liquidity. But shareholders, and
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
Q. Objective of Recording business transactions? - Use the account as the essential classifying and storage unit for accounting information. - Articulate the effects of busi
Q. Explain about Cash equivalents? Cash equivalents are highly liquid short-term investments obtained with temporarily idle cash and easily convertible into a known cash amount
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Ordering inventory at a regular and set time interval
Q. Explain Merchandise in transit? Merchandise in transit is merchandise in the hands of a shipment company on the date of a physical inventory. As stated above buyers should
Q. Define Current assets? Current assets are cash and other assets that a business is able to convert to cash or uses up in a relatively short period one year or one operating
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