0
The term "goods account" is referred to as inventory or stock. These are the products and merchandise accounts that a company or business has.
Wiki User
∙ 9y ago
The goods account is a component of a country's balance of payments that records the export and import of tangible goods, such as machinery, vehicles, and electronics. It helps to track the value of goods flowing into and out of a country, providing insights into its trade balance.
Add your answer:
Earn +20 pts
A or duty is money colonists paid for goods purchased from other countries?
A tariff is a tax on imported goods that colonists paid for purchases from other countries.
Law that governs the sale of goods?
The sale of goods is typically governed by the Uniform Commercial Code (UCC) in the United States. The UCC provides a set of rules and regulations that standardize commercial transactions involving the sale of goods across states.
Is it illegal to authorize money to be taken out of your account and then close account there after?
It is not illegal to authorize money to be taken out of your account and then close the account. However, if the money has been withdrawn and there are outstanding charges or payments, it is your responsibility to settle them even if the account has been closed. It is advisable to communicate with the recipient of the funds to resolve any outstanding issues.
What are laws with siblings sharing a bank account and one takes all the money out but the other was who the money belonged too?
If both siblings are listed as joint owners of the bank account, then legally both have equal rights to the funds in the account. If one sibling takes all the money without permission, it could be considered theft. The other sibling can seek legal recourse by reporting the incident to the bank and potentially involving legal authorities.
Can attorney place levy on bank account from default judgment unsecured credit account in the state of Texas in which the debtor lives?
Yes, in Texas, an attorney can place a levy on a bank account as a means to enforce a default judgment on an unsecured credit account. This levy allows the attorney to collect the specified amount owed from the debtor's bank account to satisfy the judgment.
What is the journal entry for purchasing goods on cash does goods account exist?
Debit goods purchasedCredit cashYes goods account is called "Inventory" account
In accounting what is the rule for entering in the ledger?
Debit an account that has received goods or money; and credit account that has given goods
What is the journal entry for goods return?
If sales goods returned: [Debit] Sales account xxxx [Credit] Sales Return account xxxx if purchase goods returned: [Debit] Purchase return xxxx [Credit] Purchases account xxxx
To purchase goods and services on account is to create what?
The correct answer is - an A/P liability.Accounts payable are liabilities (obligations) created by buying goods or services on account.
What is the name of the controlling account for the finished goods ledger?
Work in progress account
Is cost of goods sold a nominal account?
yes it is. it is an income statement account
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
To purchase goods or services on account is to create?
asset
What type of Account is cost of goods sold?
Cost of goods sold is an expense account that shows up on the income statement. It is subtracted from sales to calculate gross margin.
What are the importance of manufacturing account?
the main purpose for manufacturing account is to determine the cost of goods manufactured
Why you charge goods distributed as free samples to purchases account?
becauses it makes decreases in goods purchased.
Returned damaged goods to supplier- what debit and credit account?
When you have returned damaged goods then you will need to credit accounts receivable and debit accounts payable. This will decrease your revenue for the account.
