1. The SCl is a picture of the results of operations of the company as of the cut- off-date. 2. The major elements of the SCI are income and expenses. 3. Cost of sales is computed as cost of goods available for sale less ending inventory. 4. Expense recognition strictly requires the matching of expenses against revenue. 5. Goods returned by customers are immediately deducted to the Sales Revenue account. 6. Temporary accounts are also called real accounts. 7. Cost of Sales is a major expense of a merchandiser which represents the cost of buvir orchandicO which uuere celd te obtain a roveRUO
1. The SCl is a picture of the results of operations of the company as of the cut- off-date. 2. The major elements of the SCI are income and expenses. 3. Cost of sales is computed as cost of goods available for sale less ending inventory. 4. Expense recognition strictly requires the matching of expenses against revenue. 5. Goods returned by customers are immediately deducted to the Sales Revenue account. 6. Temporary accounts are also called real accounts. 7. Cost of Sales is a major expense of a merchandiser which represents the cost of buvir orchandicO which uuere celd te obtain a roveRUO
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 3E
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