Explain Retail Terminology with example.

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

A:

Q: What is the posting procedure for the sales journal?

A: Sales journal is used to record the entries related to only credit sales includes goods and services…

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: Determine which of the following statements about merchandise is correct.

A: Merchandise inventory: Merchandise inventory is the inventory purchased by company for the purpose…

Q: What document intiates the sales process

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

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: Explain purchase accounting

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

Q: How to find sales under LIFO

A: LIFO stands for last in first out. It represents that the units that are purchased last would be…

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: Differentiate between a purchase requisition and a purchase order.

A: Difference between purchase requisition and purchase order The difference between the purchase…

Q: Explain the posting process of the sales journal?

A: Sales JournalThe Sales Journal is used to record the transaction when the sale of merchandise…

Q: What is a merchandiser?

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

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: 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: evolution of purchasing development framework

A: Answer – Evolution of purchasing development framework – The product concept- This is from period…

Q: Describe Dollar General according to the different types of retailers.

A: The answer is explained as follows:

Q: Define the term Purchase Volume?

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

Q: Define the term Retail Terminology.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Define the term inventory costs.

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

Q: Define the term merchandiser.

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

Q: Explain the importance of inventory management system.

A: Inventory management system refers to managing and tracking inventory.

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: Explain inventory system and its functions

A: Inventory is the detailed list of items that are present on hand. It constitute of all the finished…

Q: Define LIFO inventory pools.

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

Q: Journalizing Sales Transactions

A: Journal entries is given bellow,

Q: Define purchase allowance

A: Following is the meaning of a purchase allowance

Q: Define the term physical inventory.

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

Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.

A: A Journal entry is a primary entry that records the financial transactions initially. The…

Q: Explain the purpose of sales journal.

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