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Q. What is sales transaction?
- In a sales transaction the seller transmits the legal ownership (title) of the goods to the buyer.
- An invoice is a document prepared by the seller of merchandise as well as sent to the buyer that contains the details of a sale such as the number of unit price, units sold, total price, terms of sale and manner of shipment.
- Generally sales are for cash or on account when a sale is for cash the debit is to Cash and the credit is to Sales. While a sale is on account the debit is to Accounts Receivable and the credit is to Sales.
how we prepare ledger account and trial balance?
Assume we had given tour advance to party how to treat entry and which head have to given expenditure? Ans) Cash/Bank a/c DR To Party(name)a/c (Advance Paid For Tour)
State the classified balance sheet ASSETS Current Assets are cash and any other assets which are expected to be realized in cash, sold, used up or expire within one year.
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does immaterial items have to be recorded
Q. Transactions affecting only the balance sheet? Since every transaction affecting a business entity must be recorded in the accounting records analyzing a transaction before
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Cash Flow Statement Vs Funds Flow Statement: together the Cash Flow Statement and Funds Flow Statement give approximately comparable picture of the firm. They don't be different
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