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q sales returns and allowances accountthe sales returns and allowances account is the contra revenue account to sales that records the selling price
q explain about sales accountin theory sellers could record both sales allowances and sales returns as debits to the sales account for the reason
q what is sales allowancea sales allowance is a inference from the original invoiced sales price granted when the customer keeps the merchandise but
q explain sales returna sales return is merchandise return by a buyer buyers and sellers regard a sales return as a cancellation of a sale otherwise
q show sales returns and allowancessales returns and allowances merchandising companies typically permit customers to return goods that are defective
q what is sales discounts accountthe sales discounts account is the contra revenue account to the sales account in the income statement the seller
q explain about cash discountin a few industries credit terms include a cash discount of 1 percent to 3 percent to induce untimely payment of an
q explain about sales discountssales discounts when a company sell goods on account it clearly specifies terms of payment on the invoice for instance
q describe the methods of recordingtwo general deductions from gross sales are a sales discounts and b sales returns and allowances sellers trace
q describe about chain discountoccasionally the list price of a product is subject to several trade discounts this series of discounts is a chain
q database management system - accounting perspectivea database management system stores related data-such like monthly sales data products
q what is gross selling pricewhen a sale is on account it credits the sales account as well as debits accounts receivable the following entry records
q what is invoicean invoice is a document prepared by the seller of merchandise as well as sent to the buyer the invoice contains the details of a
q what is sales revenuesthe sale of goods takes place between two parties the seller of the merchandise transfers them to the buyer in exchange for
q income statements - service and merchandising companywe evaluate the main divisions of an income statement for a service company with those for a
q introduction to inventoriessubsequent to studying this chapter you should be able to- record the journal entries for sales transactions involving
q concepts of accounting- the major underlying assumptions or else concepts of accounting are a business entity b going concern continuity c money
q show earnings per shareearnings per-share amounts are based upon the weighted average number of common as well as common equivalent shares
q what do you mean by risk management contractsin the normal course of business the company utilizes a variety of off-balance-sheet financial
q film and television costs- accounting policiesfilm as well as television production and participation costs are expensed based on the ratio of the
carrying amounts of merchandise materials as well as supplies inventories are generally determined on a moving average cost basis and are stated at
q cash equivalents and investmentscash as well as cash equivalents consist of cash on hand and marketable securities with original maturities of
revenues from the theatrical supply of motion pictures are recognized when motion pictures are exhibited television licensing revenues are recorded
the company changed its process of accounting for pre-opening costs these changes had no cash impact and the pro forma amounts accessible in the
q principles of consolidationthe consolidated financial statements of the company comprise the accounts of the walt disney company and its