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Q. What is Merchandise inventory?
Merchandise inventory is the cost of goods on hand in addition to available for sale at any given time. To determine the cost of goods sold in any accounting period management requires inventory information. Management should know its cost of goods on hand at the start of the period (beginning inventory) the net cost of purchases during the period and the cost of goods on hand at the close of the period (ending inventory). Ever since the ending inventory of the preceding period is the beginning inventory for the current period management previously knows the cost of the beginning inventory Companies record purchase discounts, purchases, purchase returns and allowances and transportation-in throughout the period. Consequently management requires determining only the cost of the ending inventory at the end of the period in order to calculate cost of goods sold.
Q. Explain about Money measurement concept? Money measurement concept. Economic activity is primarily recorded and reported in a common financial unit of measure the dollar in
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Q. What do you mean by Breakeven point? Breakeven point -- the amount of revenue from sales that exactly equals the amount ofexpense. Breakeven point is generally expressed as
Depreciation on an Motor Vehicle of 5,000,000
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Q. Importance of proper inventory valuation? A merchandising company is able to prepare accurate statements of retained earnings, income statements and balance sheets only if i
Suppose you want to have $5,000 saved at the end of five years. The bank will pay 2% interest on your money. How much would you have to deposit today to have the $5,000 you want
Meranda Corporation purchases a machine for $125,000. It has an estimated salvage value of $10,000 an is expected to produce 50,000 units in its lifetime. During the first year of
Q. Film and television costs- accounting policies? Film as well as television production and participation costs are expensed based on the ratio of the current period's gross r
The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later
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