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Which of these describes a use tax?
type of sales tax imposed on goods purchased from another state A+
What is the journal entry for Goods taken away by the proprietor for his personal use Rs 2000?
debit drawings account 2000credit goods account 2000
Which one is the correct Journal entry when promoters with draw goods?
When promoters withdraw goods from the business for personal use, the correct journal entry would be to debit the Drawings account and credit the Inventory or Goods account. This reflects the decrease in the company’s assets (inventory) and acknowledges the withdrawal by the promoter as a personal drawing. For example: Debit: Drawings Account Credit: Inventory/Goods Account This entry properly accounts for the transfer of goods from the business to the promoter's personal use.
What are the uses of a savings account?
a savings account is were you put money for future use if need be and for safe keeping
Which account does a merchandiser use that a service company does not use?
cost of goods sold , inventory and sales revenue
What are Goods purchased for future use in the business such as supplies called?
pre paid expenses
Can you use purchased goods for construction loan down payment?
Banks do not accept goods as payment for a mortgage.
Which of these describes a use tax?
type of sales tax imposed on goods purchased from another state A+
What is the journal entry for Goods taken away by the proprietor for his personal use Rs 2000?
debit drawings account 2000credit goods account 2000
Which one is the correct Journal entry when promoters with draw goods?
When promoters withdraw goods from the business for personal use, the correct journal entry would be to debit the Drawings account and credit the Inventory or Goods account. This reflects the decrease in the company’s assets (inventory) and acknowledges the withdrawal by the promoter as a personal drawing. For example: Debit: Drawings Account Credit: Inventory/Goods Account This entry properly accounts for the transfer of goods from the business to the promoter's personal use.
The present choice between investing in capital goods and producing consumer goods now affects the ability of an economy to produce in the future. Explain.?
AnswerConsumer goods are only available for present use and will not produce wealth. Capital goods, though not providing an immediate benefit, will produce wealth for future use (for more consumer goods and/or more capital goods).
The present choice between investing in capital goods and producing consumer goods now affects the ability of an economy to produce in the future. Explain?
AnswerConsumer goods are only available for present use and will not produce wealth. Capital goods, though not providing an immediate benefit, will produce wealth for future use (for more consumer goods and/or more capital goods).
Paying at a future date for the present use of goods and services or money is what?
Credit.
What are the uses of a savings account?
a savings account is were you put money for future use if need be and for safe keeping
Which account does a merchandiser use that a service company does not use?
cost of goods sold , inventory and sales revenue
Is the word account in the past tense or future tense or present tense?
The word account can be used as a noun and a verb. If you use account as a verb, present tense is account, past tense is accounted, future tense - account and accounted can be used depending on the use of be verb. Example: Present tense: We account everything today Past tense: Everything has been accounted. Future tense: We will account everything tomorrow. Tomorrow, everything will be accounted.
What is speculative goods?
Speculative goods are items purchased primarily for investment purposes rather than for immediate use or consumption. These goods are often characterized by their potential to appreciate in value over time, influenced by market trends, scarcity, or demand. Common examples include collectibles, art, real estate, and certain commodities. Investors acquire speculative goods with the expectation of selling them at a higher price in the future.
