Compute for the using FIFO retail m Со

Q: ow to do a P&L statement

A: A profit & loss statement shows the organization's revenue, expenses, and its profit for a…

Q: Explain the difference between the terms FOB destination and FOB shipping point.

A: Inventory at the end of financial year to be shown in balance sheet , should means the inventory ,…

Q: Define T- account.

A: Transaction:   It is an economic event that is recorded in the accounting system of an organisation.…

Q: Using the above information, calculate efn

A: Here, Sales is $48,800 Assets is $53,650 Spontaneous Liability (Accounts Payable) is $2,400 % Change…

Q: Describe about the LIFO and FIFO method.

A:

Q: In which document would you find the MD&A? O A. Form 8-K O B. Form 10-K O C. Both A and B O D.…

A: Paid-in Capital Paid-in capital is that the total quantity cash equivalents contributed to a company…

Q: Explain the transaction management system of delivery management system like pathao.

A: DMS (Delivery management software) is a digital logistics solution that is used for planning,…

Q: Define operating cycle.

A: Definition:   Merchandising businesses: Merchandising companies that buy goods from suppliers, or…

Q: Explain Destination principle in relation to VAT.

A: The destination principle is a principle in Value Added Tax (VAT) that determines the taxation of…

Q: Name the two types of ledgers.

A: Two types of ledgers are: General ledger Subsidiary ledger

Q: ould appear in an REA diagram as an example of which kind of entity? a.... Description

A: Account Receivable is a Current Asset account. When credit sales are made, Sales revenue is credited…

Q: Which of the following forms cannot be customized? Select one: A. Estimate B. Sales Receipt C.…

A: Under QBO there is a feature to customize your forms.

Q: Define General ledger.

A: General ledger is the book containing the accounts and their amounts which are posted from journal…

Q: Which of the following events would be LEAST likely to be modeled in an REA diagram?a. customer…

A: Definition: REA model: The graphical representation which shows the re-engineered accounting system…

Q: Please explain the calculation of C transactions

A: Retirement of bonds means the bonds which was issued earlier are retired. In simple, the amount is…

Q: Real accounts are more commonly referenced as accounts

A: Accounts are usually of three types;RealPersonal Nominal.All three types include different accounts…

Q: Define Sales revenue.

A:

Q: Explain the difference between deferrals and accruals and give two examples from each.

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: Describe the purpose of caash receipts journal.

A: The cash receipts journal is a special section of the general journal specifically used to record…

Q: Identify the following users as either an internal (I) or an external (E) user. Distribution manager

A: Users of the information: Users of information can be classified as internal and external users.…

Q: What is the function of the Bill Window? What GL account is Bill Window associated with?

A: The Bill Window is a feature of modern accounting software that allows users to easily track and…

Q: Discuss transaction cycles.

A: A transaction cycle is an interlocking set of the  business deals. Utmost of these deals can be…

Q: What is the other name of purchases returns

A: Whenever inventory is being purchased in business for sale or for use in production and…

Q: What is receivable management? Explain it?

A: The receivable management is the process of managing and tract the account receivable, especially it…

Q: Definition of cloud accounting

A: The answer is provided as follows:

Q: Define automated trading platform

A: The automated trading system as the name indicates requires some computer software & linked…

Q: dger turo

A: Explanation of Concept Ledger Posting : is the step in the process of preparing the books accounts…

Q: How does the Genral Ledger work?

A: General ledger is the account prepared by the company for each transactions made by the company. It…

Q: Reports can be directly exported from QBO to

A: Quickbooks: It is an accounting software for small business. Accounting software maintains a records…

Q: Define Security Market Line (SML

A: When the cost of equity obtained from CAPM model is graphically presented, it is known as Security…

Q: How do I calculate FIFO and LIFO?

A: Meaning of FIFO:First in first out means if company purchases any goods for sale purpose then…

Q: How DOES GIFMIS interfaces  with CS- DMRS(DMD-MoF)

A: GIFMIS stands for “Ghana Integrated Financial Management Information System”. It can be defined as…

Q: Define transactions balance

A: Definition: Working capital: The measure which evaluates the ability of a company to pay off the…

Q: The standard-costir makes calculati

A: Costing: Costing is a technique used in cost accounting to determine the cost of a product. With…

Q: Explain the advantages of an electronic billing cycle

A: The electronic billing cycle is the use of of technology. it is the process in which the bills are…

Q: WHich is the payment platform managed & Operated by NPCI a. RazorPay b. Mobikwik c. PayTM d. UPI

A: NPCI is National Payments Corporation of India, and has set up for easy payment from a mobile…

Q: How payables ledger works with double entry accounting

A: Double entry accounting states that for every debit, there comes a credit too. And it starts with…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.