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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.
Q. What is Cost-benefit? Cost-benefit The cost-benefit consideration engrosses deciding whether the benefits of including optional information in financial statements exceed th
Worthington Company issued 1,000,000 face value, 10% bonds on July 1 2012, when the market rate of interest was 12%. Interest payments are due every July 1 and January 1. Worthin
The ratio of __________ to __________ is an example of a __________ ratio. A. quick assets; current liabilities; leverage B. cost of goods sold; total assets; asset utilization
Cash flow information: Direct and indirect methods The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accou
Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses
Q. Understand how to account for transportation costs? FOB terms are particularly important at the end of an accounting period. Goods in transit after that belong to either the
Recording Private Company Credit Card Sales Goes to the individual company-not a bank. Treated as a sale on account. Credit card Company is responsible for collection of
How do you set up a t account correctly?
Q. Explain about cash discount? In a few industries credit terms include a cash discount of 1 percent to 3 percent to induce untimely payment of an amount due. A cash discount
Q. What is Inventory? Inventory -- Supply or stock of products and goods that a company has for sale. Amanufacturer may have 3 kinds of inventory: raw materials waiting to be c
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