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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.
A business may perhaps engage in thousands of transactions during a year. An accountant summarizes and classifies the data in these transactions to create useful information.
Q. Qualitative characteristics of financial reporting? Accounting information must possess qualitative characteristics to be useful in decision making. This criterion is hard t
State the classified balance sheet ASSETS Current Assets are cash and any other assets which are expected to be realized in cash, sold, used up or expire within one year.
General rationale financial statements provide much of the information needed by external users of financial accounting. These financial statements are official reports providing i
Q. Financial accounting standards boards conceptual framework? Experts have discussed the exact nature of the basic concepts and related principles composing accounting theory
Capital In addition to borrowing from banks and additional sources, all companies obtain finance from their owners. This money is usually accessible for the life of the busines
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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Enumerate the fundamentals of financial accounting information Frame works and principles which have been developed try to address fundamental questions like: ?Who are user
Fund flow deals with transaction within financial year (One year) while Cash flow Statement record only the cash transaction.
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