Search results
Results from the WOW.Com Content Network
These inventory ledgers contain information on cost of goods sold, purchases, and inventory on hand. Perpetual inventory management systems allow for a high degree of control of the company's inventory by management. Perpetual inventory management is generally used by companies who have the ability to scan the inventory items.
A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the ...
The difference between the cost of an inventory calculated under the FIFO and LIFO methods is called the LIFO reserve (in the example above, it is $750, i.e. $5250 - $4500). This reserve, a form of contra account , is essentially the amount by which an entity's taxable income has been deferred by using the LIFO method.
Logbook entries are sometimes of great importance in legal cases involving maritime commercial disputes. Commercial ships and naval vessels often keep a "rough log", – or "scrap log" – a preliminary draft of the ship's course, speed, location, and other data, which is then transcribed as the "smooth log", – or "official log" – the final ...
For example, Cash, bank, accounts receivable, inventory (people who owe us money, due within one year), prepaid expenses, prepaid insurance, VAT input and many more. Non-current assets: Assets that are not recorded in transactions or hold for more than one year or in an accounting period are called Non-current assets.
For example, if fifty sales on account were made during one day, fifty ledger postings would have to be made to three general ledger accounts: Accounts Receivable, Sales, and Sale Tax Payable. In special journal, transactions are recorded in a single line, and the format of the journal made it possible to post only the total amount for each ...
The number of adults eating in a way they consider to be healthy has fallen, according to new data. What’s more, research shows they aren’t enjoying the food either.
A wrecking yard (Australian, New Zealand, and Canadian English), scrapyard (Irish, British and New Zealand English) or junkyard (American English) is the location of a business in dismantling where wrecked or decommissioned vehicles are brought, their usable parts are sold for use in operating vehicles, while the unusable metal parts, known as ...