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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.
The t/p bill for this month was 200,the company will pay it next month what is the journal entry for this?
On January 1, 2012, Bartell Company sold its idle plant facility to Cooper Inc. for $1,050000. On this date, the plant had a depreciated cost of $735,000. Cooper paid $150,000 ca
Distinctions between management and financial accounting We can observe that management accounting is less constrained than financial accounting. It may draw from a range of s
A user buys a new transponder for $20. What debit and credit entries would need to be made?
uses of accounting as a software enginner
Q. What are Accounting software packages? Accounting software packages are normally menu driven and organized into modules such as accounts payable, general ledger, accounts re
Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equip
Q. Effects of bias in terms of accounting? Where there is no correspondence the cause may be (a) bias or (b) lack of completeness. - Effects of bias. Accounting measuremen
Explain the process involved in accounting
SALES DISCOUNTS AND CASH RECEIPTS JOURNAL SALES DISCOUNTS Sales discount is recorded as a reduction in sales revenue. CASH RECEIPTS JOURNAL Source documents: ca
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