What is the other name of purchases returns

Q: What is freight in on purchases?

A: Purchases are the transaction where in the buyer purchases goods and services from a seller by…

Q: General entry purchase return

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Define the term merchandise returns.

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

Q: What is a LIFO inventory pool?

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

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: What are characteristics of the perpetual inventory system?

A: Perpetual Inventory System: Perpetual Inventory System refers to the inventory system that maintains…

Q: What is a Perpetual inventory system?

A: Perpetual Inventory System: The perpetual inventory system records and updates the inventory after…

Q: what is FIFO inventory method?

A: FIFO inventory method is one of the methods of calculation of value of ending Inventory and cost of…

Q: effect of purchase on account on current rattion

A: Current Ratio (CR): It is one of the liquidity ratios which measures the company’s ability to pay…

Q: What is the accounting treatment for supplies inventories if the purchases method is used to record…

A: Supplies generally form a part of current assets of the entity and represent the amount of supplies…

Q: What is the difference between a sales discount and a purchases discount?

A: The term sales discount is used by the seller, and the term purchase discount is used by the…

Q: Explain purchase accounting

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

Q: whats the inventory tracking for this?

A: Goods which are held for the resale by the business and the business deals with such type of…

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: What is the invoice total (in $)?

A: Insurance on the invoice is $32.99

Q: Define Net purchases.

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

Q: O and LIFO inventory management?

A: The method an organization uses to assess their inventory prices can have an effect on their…

Q: What is a merchandiser?

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

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: What is the definition of bookkeeping?

A: Bookkeeping is considered as a part of accounting. It deals with the recording of day-to-day…

Q: b. What was the invoice amount of the merchandise that was returned?

A: Net method -Under this method, the discount is deducted from the Sales Value and only net amount is…

Q: How is inventory valuation made? Explain?

A: Stock or inventory are important yet inert resources lying with the organization at the end of an…

Q: What is a purchase return? How does a purchase allowance differ from a purchase return?

A: Purchase return: Purchase return refers to return of merchandise or goods purchased by customers to…

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: What is purchase returns?

A:

Q: What is a transaction price?

A: Transaction price: It is the price of a service or a good which is expressed relative to the similar…

Q: What is Included in Inventory?

A: Inventory is the assets available for sale and used in process of production of such assets for sale…

Q: What is the definition net cost of purchases?

A:

Q: purchase Returns & Allowances appears where on an Income Statement?

A: The income statement is the financial statement of the business which shows about the profitability…

Q: What is b Purchase Volume?

A: Purchase volume means the total amount of all the purchases charged to a single account.

Q: Explain how to determine the transaction price.

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

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 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: inventory?

A: The allowance for outdated inventory account is a reserve that is kept as a contra asset account so…

Q: Define the term Purchase Volume?

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

Q: What is the difference between gross selling price and invoice price?

A: Invoices are the bill which display the total value of the product purchased. Be it gross selling…

Q: What are the two accounting systems are used to record transactions involving inventory?

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

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

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

Q: The effects of purchasing inventory on credit are to

A: Every transaction has two effect in books of accounts as per dual concept. All entries should have…

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: ceives a credit terms of : e Inventory account?

A: Given terms as, 2/10 and n/30