What is meant by purchase return and sales return in accounting?

Q: How is total cost of goods sold and the total amount billed to customers calculated?

A: A job cost sheet is a sheet which is used to record the manufacturing costs .

Q: What are some of the accounting information costs? What are some advantages of accounting data?…

A: The answer:

Q: The return of goods by a customer ( Sales Return ) should be credited in the ledger account of ?

A: Sales return in accounting is used to refer the goods or item once purchased and returned to the…

Q: Which accounting technique gives the most relevant information (net cost or gross invoice price)

A: The most relevant information of accounting technique will be explained:

Q: How do I find sales on account from a income statement or balance sheet

A: How do I find sales on account from a income statement or balance sheetSales on account can be…

Q: what is the basic accounting model?

A: Accounting Model is the collection of principles, rules and guidelines that form framework for…

Q: What is the account title used for revenue when goods are delivered to customers?

A: Account title: An account title is a unique name assigned to an account in an accounting system. An…

Q: What effects on a retail store's accounting equation occur when merchandise returned by customers is…

A: Introduction:- The following Accounting Equation used for preparation of balance sheet as follows…

Q: Define cost of goods sold. How is it computed? What two financial reports does it impact and how?

A: Cost of goods sold or COGS is the direct cost of the products sold/manufactured by the entity. It…

Q: What aspects of accounting for inventory on financial statements would be of interest to…

A: Inventory can be defined as assets held for sale in the ordinary course of business or in the…

Q: Explain the way sales returns reflect financial statements

A: When a company makes sales, it records the sales in its books of accounts as per the accounting…

Q: Explain the accounting for sales with right of return.

A: Definition: Accounting for sales with a right of return: Accounting for sales with the right of…

Q: Do you think that the role of Accounting is very important in a Merchandise business? If yes,…

A: SOLUTION- A merchandising business buys goods in finished form for resale to customers. A…

Q: How does earnings management channel stuffing impact financial statements

A:

Q: When does the cost of inventory become an expense?a. When cash is collected from the customerb. When…

A: Answer: b. When inventory is delivered to a customer

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: What type of accounts are Sales Returns and Allowances and Sales Discounts?

A: Sales return and allowance accounts refers to the good returned to the business that were sold. This…

Q: When is LIFO Inventory a preferred method?   **In regards to Financial Accounting.

A: LIFO (Last in, First out ) : It is an accounting method that an organization uses to determine the…

Q: What is the purpose of reporting accounting theory?

A: This question explains about the purpose of reporting accounting theory

Q: Required: Do you think that the role of Accounting is very important in a Merchandise business? If…

A: The business that are engaged in the sale of products are known are merchandise business. The main…

Q: What do you mean by materiality concept in accounting?

A: Materiality concept:Materiality concept refers to a condition wherein, the financial information of…

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: How do I make an income statement?

A: Income statement depicts the net profit earned or loss suffered by the organization over a period of…

Q: How would you describe the accounting profit?

A: The answer is about the accounting profit:

Q: how do you get sales revenue?

A: Required  How do you get sales revenue?

Q: When is Profit and Loss Account made? Why?

A: Profit and loss account: profit and loss account also called an income statement. Every business…

Q: Briefly explain the accounting treatment for sales returns and allowances. Where are these accounts…

A:

Q: Where do you find inventory, sales, and cost of sales accounts on the financial statements?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Which accounting method (net cost or gross invoice price) provides the most useful information?

A: The net cost of any product is the amount of the invoice plus any taxes and extra fees that are…

Q: What is Target’s policy with respect to accounting for merchandise returns?

A: Financial Statements: Financial statements are a group or reports that present the financial…

Q: What are the accounting concept?

A: Solution:- Introduction:- Accounting concepts are defined as basic assumptions on the basis of which…

Q: relationship would you expect between inventory and accounts payable

A: Relationship between inventory and accounts payable:-   The main connection between the inventory…

Q: What is the purpose of valuation in terms of accounting?

A: Valuation is the technique of estimating and determining the fair price or value of a property such…

Q: Describe the accounting treatment for merchandise returns.

A: Purchase returns: Purchase returns are the goods returned by the buyer out of the goods purchased.…

Q: Goods returned by customer will be debited to which account?

A: When a customer returns the goods sold to him it is called sales return i.e. it reduces the income…

Q: difference between the cash basis and accrual basis of accounting

A: In cash basis of accounting, receipts and payments are treated as income and expenses respectively.…

Q: Who are the focused users/stakeholders of financial accounting and cost accounting?

A: Financial and Cost accounting are the major accounting area in an organization. It will helpful to…

Q: .Calculate the trends in the sales and cost of sales and comment on the information disclosed by…

A: Trend analysis is the analysis which is used by the company in order to anticipate and made an…

Q: What is the amount of sales under cash basis?  What is the amount of purchases under cash basis?…

A: Solution Note : as per the Q&A guideline we are required to answer the first three subparts only…

Q: Explain the transaction approach to measuring income.Why is the transaction approach to income…

A: Transaction approach:

Q: Briefly explain the accounting treatment for sales returns.

A:

Q: How is inventory management a balancing act between stock- out costs and holding costs?

A: Inventory management is the process of managing and controlling the inventory levels in the…

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: Which of the following best describes the activities of the accounting function? a. inventory…

A:

Q: How do you find total sales in financial accounting?

A: Total sales in accounting: It refers to the net revenue of the organization that is reported in the…

Q: what is the revenue and gross profit

A: Revenue is the amount or income which has been earned during particular period of time. Gross profit…