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Q. What is Perpetual inventory records?
Perpetual inventory records Even though companies could apply perpetual inventory procedure by hand tracking units and dollars in and out of inventory is much easier using a computer. Both manual as well as computer processing maintain a record for each item in inventory. Observe Exhibit 48 an inventory record for Entertainment World a firm that sells several different brands of television sets. This inventory record illustrates the information on one particular brand and model of television set carried in inventory. Other information on the record comprises (a) the maximum and minimum number of units the company wishes to stock at any time (b) when and how many units were acquired and at what cost and (c) when and how many units were sold and what cost was assigned to cost of goods sold. The numbers of units on hand as well as their cost are readily available also.
a 50 petty cash fund has cash of 20 and valid receipts for 40. The entry to replenish the fund would include a
Define FBT (Fringe Benefit Tax)? Ans) The tax payable on a non-salary benefit given to an employee or an associate of the employee. The employer is likely to pay any FBT and may
Dunmore Coal and Iron purchased $1,000,000 in corporate bonds and 500,000 shares of common stock in its competitor, Olyphant Iron. Dunmore plans to hold onto the bonds until the ma
Are mailing lists are considered as prepaid or period expens?
Why is a provision for depreciation made in the financial statements? A to charge the cost of non-current assets against profits B to make a provision for repairs C to mak
Q. Misstatement of accounting information? The FASB describes materiality as the magnitude of an omission or misstatement of accounting information that in the light of surroun
My company has done a down payment on inventory ,then manufacturer will ship this order between 30 to 60 days after original payment and the balance is due 60 days once the order g
A firm has $200,000 in total assets and $120,000 in owner's equity. What are the total liabilities? A. $80,000 B. $200,000 C. $320,000 D. Cannot be determined from the info
want a question of general jouranal , t account ,traial balance , income statement and balance sheet
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
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