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these comprise goods purchased only for production and selling purposes goods utilized as assets and not for sale are not comprised in this head net
the opening stock of goods is the stock of goods in hand at the start of an accounting year it may contain stock of raw material work-in-progress and
trading account is ready to ascertain the gross profit and loss of a firm here gross profit is the excess of total revenue over cost of goods sold as
objectives of final accounts describe final account know their objectives and preparation of trading and loss and profit account find out the
the main function of accounting is to accumulate accounting data so as to calculate the profit and loss made through the business firm throughout and
you have learned about the business and its proprietor is reacted as separate entities it implies that separate accounts must be kept in the ledger
you must be aware about the most of business are made through cheques these days it involves the bank whether the firm has opened its own account
the term goods refer to articles that are traded through the firm articles bought for resale for illustration for book seller books are goods
journal is an every days record of business transactions this is also termed a day book and is used for recording every day transactions in the order
in previous section you learnt about the accounting involves four stagesi recording the transactionsii classifying-the transactionsiii
accounting like a field of study in its developmental process has evolved a theoretical framework consisting of concepts or principles over period of
along with a view to harmonise varying accounting policies and practices recently utilize in india the institute of chartered accountants of india
standards at international level in view of the development of international trade and multinational enterprises the requirement for standardization
standardization in uk and usa although the institute of chartered accountants in england and wales began creating recommendations as 1942 real
gaap are usually developed through professional accounting bodies as american institute of certified public accountants aicpa and icai that is
we consider two regions a and b each market has the same size ie number of consumers but differs in the willingness to pay for one unit of the good
ln an attempt to conceal a thefi of funds kaito kid controller of shinichi products lnc placed a bomb in the company s record vault the ensuing
bottoms up company produces high quality sports equipment the companie3939s racket division manufactures three tennis rackets- the standard deluxe
a if you could pick a single source of cash for your business what would it be whyb how can a business earn large profits but
smith corp has determined that its contribution margin p - mcp is 40 a recent market research study found the following relationship between
jones company operates within a monopolistically competitive industry the estimated demand for its products is given by the following inverse demand
build-rite construction has received favorable publicity from guest appearances on a public tv home improvement program public tv programming
adele weiss manages the campus flower shop flowers must be ordered three days in advance from her supplier in mexico advance sales are so small that
during the dinner hour the distribution of the inter-arrival time of customers at burger barn is predictable to be as followsinter-arrival
a company has an authorized share capital of 250 million divided into 1500000 ordinary shares of sh100 each and 1000000 preference shares of sh100