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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.
Creditors: this may be short or long-term lenders. Short-term creditors comprise suppliers of materials, services or goods. They are generally termed as trade creditors. Long-term
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my unadjusted balance is not the same under credits and debits? And I can''t figure what went wrong.
Adjusting entries in the general journal Be sure to put down the words "Adjusting Entries" at the beginning of journal after the last entry of month. By placing these words at
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. Explain about Period costs? Period costs are costs not noticeable to specific products and expensed in the period incurred. Administrative and Selling costs are period costs
stpes to be taken prepaing for final accounts
Explain about the payroll register This is a summary of gross earnings, deductions and net pay for all employees for a specific payroll period. Register illustrates all amounts
Q. Uses of journal in accounting? Organizing journal entries in a computerized system is different than in a manual system. The computer usually asks for the number of the acco
Acme Inc. has total liabilities of $120,000, total sales of $80,000, net income of $12,000, current assets of $90,000 and total assets of $150,000. What is the debt to equity rat
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