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What is credit sales?
Credit sale is a sales transaction by which the buyer is allowed to take immediate possession of the purchased goods and pay for them at a later date.
What is convenience goods?
Convenience goods are Widely distributed and relatively inexpensive goods which are purchased frequently and with minimum of effort, such as gasoline (petrol), newspapers, and most grocery items .
The amount of goods and services the average citizen can buy?
The amount of goods and services that the average citizen can buy is known as a standard of living. The cost of a standard of living varies greatly depending on a number of factors.
What is cost principle?
Accounting concept that goods and services purchased should be recorded at their historical cost and not at their current market value.
What are the Amount spent in order to produce and sell the goods and services is called?
Expensive
What is the term that means limiting the the amount of goods that could be purchased?
Yasmeen
What island was purchased for a amount of beads and other goods?
Manhattes Manhattes Manhattan
Does customs duty come under direct expense?
I was look for the answer to this very same question! And I found it: "Customs duty comes in two types: Import Duty & Export Duty. Duty paid on goods imported from Abroad is known as Import Duty and is debited to the Trading A/c but Duty paid on goods exported expense connected with sales, is debited to profit and loss account, so import duty on goods purchased from abroad is a direct expense and export duty on goods sold is indirect expense."
What is the Accounting definition of carriage inward?
Carriage inward :Occurs when a business has to pay for purchased goods to be delivered to it's Premises.Carriage Outward:Occurs when a business PAYS for sold goods to be delivered to it's customers premises.Carriage inward and outward are always debited and both must be treated as Expenses.
How do you record journal entry to purchase goods with trade discount?
debit goods purchased (at trade discount amount)credit cash / bank / accounts payable
Journal entry for Cash purchase of goods?
cash purchase of goods: inventory (Debit) increased Cash in Hand (Credit) decreased with amount of total cost of Goods purchased
When goods are shipped FOB destination and the seller pays the transportation charges what journal entry does the buyer make?
Journal entry in the books of the buyer: [Debit] Goods Purchased xxxx [Credit] Cash/bank xxxx As buyer has not paid the freight charges, he will only record the transaction with original goods purchased amount.
How do you place a value on money?
By the amount of goods or services you can buy for it. By the amount of goods or services you can buy for it. By the amount of goods or services you can buy for it. By the amount of goods or services you can buy for it.
What is the journal entry goods purchased?
[Debit] Goods Purchased xxxx [Credit] Cash / bank / accounts payable xxxx
In a process costing system what account is debited when manufacturing overhead costs are applied to the cost of production?
the finished goods inventroy account
What is the difference between trade receivables and creditors?
Trade receivable is that amount which is receivable from customers to whom company sold goods on credit while credits are those from whom company purchased goods on credit.
How did the Egyptian's purchase goods?
Egyptians purchased goods through trade
