Latest Answer : Periodic Inventory SystemPerpetual Inventory SystemInventory account and cost of goods sold are non-existent until the physical count at the end of the year.Account and the balance of costs of goods sold and inventory account exist all the time.Purchases ...
Latest Answer : To maintain stock levels ...
If i have paid for something why cant i expense the entire amount on the income statement?why do we need to make an adjustment to the insurance policy at the end of the year? wouldn't it have easier to record the entire balance as an expense in November when the policy was ?purchased?why do I need to take an inventory count of my supplies at the end of the year?If I receive the Hydro bill on August 5th, why don't we record the transaction for the next fiscal period rather then include
Appropriation is an estimate of expenditure to be incurred. It serves as a benchmark upon which the actions and performance of a governmental unit are measured. It helps monitor and set control to budgetary
Using Periodic inventory system: debit creditMerchandise inventory 7/1/05 32,000Sales 380,000Sales returns 12,000purchases 240,000 purchase discounts 6,000purchase returns 10,000freight-in
what is miscellaneous expenses & why they carry forward every year
Latest Answer : Miscellaneous expenses are the petty expenses, which every business incurr in their day to day transaction, these could be refreshment expenses, conveyance, postage etc. for accounting these expenses are generally debited to single account i.e. miscellaneous ...
What are the documents require for the payment?What are the expenses are made in inventory stock?
