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Q. What is periodic inventory procedure?
In the periodic inventory procedure the Merchandise Inventory account is updated periodically subsequent to a physical count has been made. Habitually the physical count takes place immediately before the preparation of financial statements.
Account titles and explanation column The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account t
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What is Post closing trial balance This statement would only show permanent accounts with a balance; all temporary accounts must have a zero balance. Credits and Debits must ba
Prepare a trial balance All account names would be listed in left-hand column. Place the account balance in appropriate debit or credit column for those accounts which have
Jane has a $35,000 bank loan that she wishes to pay off in five equal annual payments with 12% interest. If the first payment is due one year from today, what will be the amount
A portion of company profits allocated by an employer, in good years, to an employee's trust.Contributions on behalf of every employee are expressed as a percentage of salary with
The fundamental concepts, discussed in the previous paragraphs, are the core components in the theory of accounting. Such concepts as postulates or conventions, although, permit a
What is procedure for testing after implementation as functional consultant? Ans) Testing involves a step by step check of several transactions configured in the SAP system.
Q. Example of supplies on hand? On 2010 December 4 Micro Train Company buy supplies for USD 1400 and recorded the transaction as follows Micro Train's two accounts reci
Current Assets are $70,000, non-current assets are $150,000, current liabilities are $40,000 and long term liabilties are $30,000. What is the debt to equity ratio? 0.47 Stock h
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