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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.
define accounting.Briefly explain the accounting concepts which guide the accountant at the recording stage.
Q. What is Timeliness? The Timeliness requires accountants to provide accounting information at a time when it perhaps considered in reaching a decision. Usefulness of informat
Q. Describe about accounting. Why is it called language of business? Accounting is known as -an art of recording, classifying and summarizing transactions and events in a si
Classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expense (accrued liability), or (d) accrued reven
accounts show the amount of money owed to the firm by customers. A. Supply B. Prepaid C. Receivables D. Payables
As discussing the scope of accounting you should have observed here the accounting involves a sequence of activities connected with each other, starting along with the collecting,
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Identify and explain the two ratios that are used to assess the solvency of a business.
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Explain in detail about the MERCHANDISE INVENTORY Cost of merchandise purchased during an accounting period is debited to Purchases account. To determine VALUE of the goods on
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