Define the term Retail Terminology.

Q: Give Example of Swap Office for Retail?

A: An essential objective of the Commodity Futures Modernization Act of 2000 was to supply a clear…

Q: Define sales journal.

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Explain the characteristics of credit products.

A: When the banks or any financial institutes commitments or guarantees on the behalf of the customers…

Q: Discuss some measures that should be taken to maintain control over merchandise inventory.

A:

Q: Define inventory.

A: Inventory: Inventory consist of total of three components: raw material, work-in-process and…

Q: What is the LIFO retail method?

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: What is shelf registration?

A: Answer: Shelf registration is subject to Securities and Exchange Commission SEC Rule 415 of the…

Q: 1. Identify any two examples of Wholesale Merchandise Business and Retail Merchandise Business

A: Introduction:- A merchandising business, often known as merchandisers, is one of the most common…

Q: the different types of purchasing procedures

A: A purchase process is a formal and systematic process of purchasing goods and service by an…

Q: What document intiates the sales process

A: Answer: Sales order procedures involves accepting a customer order and processing it, filling the…

Q: Describe about concept of the GOODS ON CONSIGNMENT?

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: What is the conventional retail method?

A: Retail inventory method: It takes into account all the retail amounts that is, the current selling…

Q: why service industry providing service and retail industry dealing in transfer and exchange goods?

A: Service Industry:-As the name suggests, it is the industry which deals in services only, although it…

Q: Characteristics of Retail Properties?

A: Alternative investment as an asset class is growing nowadays. People start diversification of their…

Q: Explain purchase accounting

A: Purchase accounting means any premium paid by bidder in excess of the value of books of aims assets…

Q: What document initiates the sales process?

A:

Q: Define Net purchases.

A: Purchase discounts: The sellers offer a reduction in purchase price on initial purchases, to…

Q: Define warehouse receipt financing

A: A warehouse receipt is a document of proof about the ownership of goods kept in that warehouse.

Q: What is a merchandiser?

A: Merchandiser is a business that purchases goods  and resells to customers…

Q: Define dealer market

A: Answer: Usually, secondary market is a place in which investor will buy and sell securities between…

Q: Define Sales revenue.

A:

Q: Define sales allowance.

A: Sales allowances: When a customer agrees to buy defective goods or improperly made then seller gives…

Q: What are the assumption of THE LIFO RETAIL METHOD?

A:

Q: Explain how to journalize sales transactions.

A: Journal Entry:   It is a systematic record of a financial transaction of an organization recorded in…

Q: Define Conventional retail method.

A: Definition:   Retail inventory method: It takes into account all the retail amounts that are, the…

Q: What modifications to the conventional retail method are necessary to approximate a LIFO retail…

A: LIFO liquidations: It generally occurs when the organization uses the LIFO inventory valuation…

Q: Explain how to determine the transaction price.

A: Determination of transaction price is one of the step of revenue recognition process. The…

Q: What is an inventory manager?

A: Inventory Management: It refers to the process of managing the Inventory or stock of raw materials,…

Q: What is an upstream sale of inventory?

A: The upstream sale of inventory is an inter-company transaction between the parent company and the…

Q: Summarize on what you understand from the purchase cycle system

A: Purchase Cycle System- Purchasing Cycle system refers to as system of buying product and service.

Q: Define the term credit revenue.

A: Credit Revenue: When goods or services are sold on credit, they are recorded as revenue, but since…

Q: What is purpose of sales journals?

A: Sales journal: It is one form of special journal book, which records all the sales transactions that…

Q: Define the term Purchase Volume?

A: INTRODUCTION Purchases  In accounting, the cost of making purchases during a time period with the…

Q: Explain Retail Terminology with example.

A: Retail terminology: Retail terminology refers to the jargon or technical terms specifically used in…

Q: Define the term merchandiser.

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…

Q: What purpose does a purchasing department serve?

A: Purchasing Department: The purchasing department accommodates the organization for the inventory…

Q: what document initiates the sale process

A: In the above questions we have asked about the document which initiates sale process.

Q: Describe the operating cycle of a merchandiser.

A:

Q: what document initiates the sale

A: Sales Process:   Sales process is defined as a repeatable process that starts from accepting the…

Q: Define purchase allowance

A: Following is the meaning of a purchase allowance

Q: Define marking-to-market process.

A: Marking to market process is a vital process in the financial investment industry which has been…

Q: Describe types of inventory.

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Define the term physical inventory.

A: Physical inventory: It is process in which a company verifying its inventory by counting them…

Q: Explain the purpose of sales journal.

A: Journals are prepared by the company to record the monetary transactions of the company.

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.