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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.
What is Merchandise returns A Return is when a customer returns to the seller part or all items purchased. An Allowance occurs when seller grants a customer a price reductio
at the end of May he has a voucher for expenditure of $270 and a balance in hand of $30. explain what the imprest amount is
1. My accountant has told me that my business made a profit of £100,000 last year. However over the same time period my bank balance has decreased and not increased as I expected.
Q. What do you understand by Revenue? Revenue -- Amounts received by or due a company for services or goods it provides tocustomers. Receipts are cash revenues. Revenues can al
O B JECTIVES OF FINANCIAL STATEMENTS The fundamental purpose of financial statements according to AICPA is 'to offer qualitative financial information concerning to the busi
What is ACOUNTS RECEIVABLE LEDGER Businesses have several customers and individual businesses aren't assigned an account number they are just in alphabetical order. Accounts
Q. Explain Accounts payable? Accounts payable are amounts owed to suppliers meant for goods or services purchased on credit. Accounts payable are usually due in 30 or 60 days a
What are the components or materials used by Accounts receivable departments? Ans) Accounts Receivable department is very vital department of the company. The responsibilities o
These questions are based on the following information and should be viewed as independent situations. Popper Co. acquired 80% of the common stock of Cocker Co. on January 1, 200
the scope of operation research in modern management
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