opinion
Why does the perpetual system use inventory shrinkage?
The difference between the two is recorded as a debit to inventory shrinkage expense and a credit to merchandise inventory. The perpetual system, therefor...
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Opinion
opinion
What is the journal entry for settlement?
Full Settlement Discount Allowed Trade discount is not recorded in journal entry but cash discount is recorded. Discount allowed is debited but discount r...
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opinion
What does P and L stand for?
Profit and Loss Statement What Is a Profit and Loss Statement (P&L)? The profit and loss (P&L) statement is a financial statement that summarizes ...
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opinion
What is tax collected at source?
Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act gove...
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opinion
How does increase in accounts receivable affect cash flow?
Increasing accounts payable is a source of cash, so cash flow increased by that exact amount. For accounts receivable, a positive number represents a use ...
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opinion
Does HST recoverable have a debit balance?
HST is a consumer tax which means that businesses are able to claim back any HST they pay on purchases of supplies, expenses ,etc. Any HST paid by the bus...
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opinion
What brands have virtual stores?
A range of brands including Charlotte Tilbury, Clarins, Tommy Hilfiger, Farfetch, Intermix and American Eagle are all testing some form of virtual store t...
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opinion
What is the difference between consolidated and unconsolidated financial statement?
The main difference between consolidated and stand-alone financial statements is that the consolidated form reports all activities of a company and its su...
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opinion
Do directors prepare financial statements?
Under that law, the Directors are required to prepare the Group financial statements in accordance with International Financial Reporting Standards (IFRS)...
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opinion
What is difference between NPS tier1 and Tier 2?
While Tier 1 of the NPS is a rigid retirement plan, Tier 2 gives you more flexibility for withdrawals, if needed. The idea is to promote a government-back...
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