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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.
An accounting is a service function. The main accounting executive through whatever name he is termed as holds a staff position except inside his own department where he exerts aut
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Q. Explain about perpetual inventory procedure? When discussing inventory we require clarifying whether we are referring to the physical goods on hand or the Merchandise Invent
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Fund flow deals with transaction within financial year (One year) while Cash flow Statement record only the cash transaction.
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