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What is the difference between a purchase on account and a sale on account?
Wiki User
∙ 10y ago
Purchase on account means purchases from vendors on credit while sales on account means selling to customers on credit.
Wiki User
∙ 10y ago
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What is the difference between sales account and account sale?
when revenue is earned from charge-account sales, the accountant debits __________ and credits___________
What is the difference between sales tax and vat?
Sales Tax is a tax charged on Sale of any item whereas VAT is value added tax charged on both sale & purchase.
What is difference between sale invoice and purchase invoice?
Sales invoice is issued by the seller at the time of making invoice whereas purchase invoice is issued by the purchaser to the seller for confirming the order. Anuj Saxena
What is measured by profit margin?
Profit, is called the difference of amount between purchase price and sale price. Through the profit margin we come to know that how the business is running. Or, how successful (profitable) IS this business?
Is an electricity account an example of a trade account payable?
No Electricity account is non-trade accounts payable as trade accounts payable are those suppliers only from which company purchase supplies for sale purpose.
What is the difference between sales account and account sale?
when revenue is earned from charge-account sales, the accountant debits __________ and credits___________
What is the difference between a POS debit and a DBT Purchase that is posted in my checking account?
POS stands for Point Of Sale DBT debit payment you made over the internet or authorize creditor to take it directly from your account such as monthly automatic payments
What is different between account sale and sale account?
when revenue is earned from charge-account sales, the accountant debits __________ and credits___________
What is the difference between sales tax and vat?
Sales Tax is a tax charged on Sale of any item whereas VAT is value added tax charged on both sale & purchase.
What is the Journal entry for gain on sale of equipment?
debit accumulated depreciationdebit cashcredit assetcredit gain on sale of assetDebit to Cash (or Accounts Receivable) for the sale Price. Debit to Accumulated Depreciation for the total amount of depreciation charged against that piece of equipment since its original purchase date. Credit to Equipment account for the original purchase price. Credit to Gain on Sale of Fixed Asset (or Other Income) for the difference needed to balance the entry.
What did the Arabs use maths for?
to measure land, and account for product and prices in purchase and sale
What is difference between sale invoice and purchase invoice?
Sales invoice is issued by the seller at the time of making invoice whereas purchase invoice is issued by the purchaser to the seller for confirming the order. Anuj Saxena
What are the similarities between sale of goods and hire purchase agreement?
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What is the difference between cash sale and credir sale?
A cash sale is instant - a credit sale is a 'promise' of payment to come.
What is the difference between periodic and perpitual inventory system?
Periodic Inventory System Inventory account and cost of goods sold are non-existent until the physical count at the end of the year. Purchases account is used to record purchases. Purchase Return account is used to record Purchases Returns account. Cost of goods sold or cost of sale is computed from the ending inventory figure For goods returned by customers there are no inventory entries. Perpetual Inventory System Account and the balance of costs of goods sold and inventory account exist all the time. No individual purchases account but the purchases are recorded in the Inventory Account. No individual Purchase Returns account but the purchases return are recorded in the Inventory Account. Record cost of goods sold/cost of sale - inventory is reduced when there is a sale. Returns from customers are recorded by reducing the cost of goods sold and adding back into inventory.
What is the difference between sale and higher puarchase?
sale refers to the ownership of the goods will transfer at the time of agreement itself. it is to seller to buyer. higher purchase refers to the payment made by the installment bases so the ownership of the goods will transfer after the payment of last installment is called higher purchase....
What is the difference between atm and debit card?
difference between debit cards and ATM cards Debit cards, there are points of sale or ATM cards, there are no points of sale
