What document initiates the sales process?

Q: Define sales journal.

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

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 document intiates the sales process

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

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: What document initiates the billing process?

A:

Q: What is recording transactions in Merchandising concern?

A: Merchandise refers to the those transaction which are concerned with stock, purchase transactions,…

Q: What inventory systems do you know are used in a buying and selling business?

A: The inventory systems popularly used are the  1) Perpetual inventory system  2) Periodic inventory…

Q: Subsidiary ledgers in merchandising business?

A: A subsidiary ledger is a subset to the general ledger and it contains the details to support a…

Q: Required Prepare the SALES JOURNAL Prepare the PURCHASES JOURNAL

A: A journal is a record that records every one of the monetary exchanges of a business, to be utilized…

Q: How to calculate sales revenue from Cost of Goods Sold, inventory, or cost of goods available for…

A: Without selling price per unit, calculation of sales revenue is not possible with the given details.…

Q: Describe the Issues Pertaining to the Retail Method.

A: Retail inventory method is used to calculate the value of ending inventory by comparing the retail…

Q: Define purchases Journal.

A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Q: Who is responsible for releasing an order? Describe what happens to the inventory records andto PAC…

A: The person responsible for releasing an order is the material planner.

Q: (A) Explain the fundamental purpose of the sales and collection process. (B) Differentiate between a…

A: The process of sales and collection is officially known as Sales and Collection Cycle and RRR…

Q: What are the columns that are typically used in the purchases journal?

A: A Purchase Journal records all purchases made on credit during a period. In other words, this is the…

Q: Explain an example how to record sales revenue.

A: Sales revenue is the revenue from the sales generated by the company. The sales may be either cash…

Q: Define Sales revenue.

A:

Q: how do you get sales revenue?

A: Required  How do you get sales revenue?

Q: Define sales allowance.

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

Q: Why is a “blind” purchase order used as a receiving report document?

A: Blind Purchase Order: Blind purchase order contains all the information related to the purchase of…

Q: Describe post sales service arrangements the firm does or should provide

A: After sale services help the companies achieve customer satisfaction and retain their customers.…

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 an inventory manager?

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

Q: Differentiate between a remittance advice and a customer invoice within the sales process of an…

A: Accounting exchanges are those exchanges that legitimately influence the financial statements of a…

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 role does the general ledger department play in the conversion cycle?

A: Conversion Cycle: A set of all processes that are used to collect inputs and convert them into final…

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: Explain Retail Terminology with example.

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

Q: Define the term Retail Terminology.

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

Q: Define the term merchandiser.

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

Q: What is Sales Mix and why is it used in retail operations?

A: Sales mix is the proportion of each product sold by a company as a percentage of its total sales.…

Q: Explain the difference between external transactions and internal transactions. If a company…

A: Difference between external events, and internal events:  • External events are the events which…

Q: Briefly explain the accounting treatment for sales returns.

A:

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: 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: What is just-in-time (JIT) inventory system?

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: How to calculate net sales revenue and net purchases

A: The income statement is one of the financial statements of the business which is prepared to know…

Q: Define Sales returns and allowances

A: The Numerical has covered the concept of Sales Return and Sales Allowance.

Q: Explain the purpose of sales journal.

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