Nature of Merchandising Business • Revenue activities of a merchandising business involve the buying and selling of merchandise. They purchase merchandise which is resold to customers. • Comparison to Service Business |Service Business |Merchandising Business | |Fees earned |Sales
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What is chart of accounts? Chart of accounts (COA) is a list of the accounts used by an organization. The list can be numerical‚ alphabetic‚ or alpha-numeric. The structure and headings of accounts should assist in consistent posting of transactions. Each nominal ledger account is unique to allow its ledger to be located. The list is typically arranged in the order of the customary appearance of accounts in the financial statements‚ profit and loss accounts followed by balance sheet accounts. It
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ACCT 3512 Chart of Accounts Accounts & 4 Characteristics by 6 Acct Types: FS‚ Real vs. Nominal & Normal Acct Bal (NAB) mjm cpa 9/13 (Contra Accts) [Historical Cost Exceptions] (ACCT 3512 emphasized accts in italics) by Marco J. Malandra‚ CPA 1. ASSETS: BS‚ Real‚ Dr NAB‚ (Cr if contra) 3. SHs’ EQUITY: BS‚ Real‚ Cr NAB (Dr if contra) Current [generally]: IC accts: Preferred Stock [at Par Value] Cash (Money Orders‚Checks‚Checking‚ Savings‚ Petty) Additional-paid-in-capital
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Accounts ACCTID 11110100000000 11110300000000 11110900000000 11111100100000 11111100105000 11111100110000 11111100115000 11111100120000 11111100125000 11111100130000 11111100140000 11111100145000 11111100150000 11111100175000 11111100180000 11111200105000 11111200110000 11111200115000 11111900110000 11111900120000 11111900130000 11111900140000 11111900150000 11111900160000 11111900170000 11112150100121 11112150100122 11112150210121 11112150320121 11112150410121 11112150410123
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unearned revenue account. Provide three examples of unearned revenue. Answer: Three examples of unearned revenue would be 1.Prepaid Expense - A year long insurance contract a company paid $12‚000 for at the beginning of the year. Since the insurance company owes the company service‚ the expense prepayment is recorded as an asset Journal Entries: debit Prepaid Insurance and credit Cash). 2. Unearned Revenue - A year long subscription of $12‚000 is received in advance by a magazine company. Because the
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20.00 | Points Missed | 5.00 | Percentage | 80.0% | 1. Chiller Company has credit sales of $5.60 million for year 2010. Chiller estimates that 1.32% of the credit sales will not be collected. Historically‚ 4% of outstanding accounts receivable is uncollectible. On December 31‚ 2010‚ the company’s Allowance for Doubtful Accounts has an unadjusted credit balance of $3561. Chiller prepares a schedule of its December 31‚ 2010‚ accounts receivable by age. Based on past experience‚ it estimates the percent
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1 Review of Chart of Accounts – Philippines Questions and Suggested Answers 1. In China GAAP‚ the bonds or stocks purchased are categorized as "Held-for-trading" or "Available for sale" or "Long term investment"‚ based on the purpose of purchase. Does Philippine GAAP have similar categorization? Philippine client want to separate the marketable securities to current or non-current‚ it means short or long term‚ right? Answer: The Philippine Financial Reporting Standards (PFRS) [based from International
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An Internship Report on “Merchandising Management -A Case study on KUN SOURCING LTD. (a buying house)” Table of Contents | | |Page No. | | |Letter of submission | | | |Certification
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How to Implement a Standard Chart of Accounts Effectively by Aziz Tayyebi Executive Summary A chart of accounts (COA)‚ representing a unique set of codes to record all an entity’s transactions consistently‚ is a well-recognised‚ fundamental accounting need. Whether it concerns a complex organisation with numerous divisions‚ or an individual applying basic cash accounting‚ it is essential to be able to collate financial information that is relevant‚ both for internal management and external parties
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Fashion merchandising is where fashion and business meet. Fashion merchandising involves marketing fashions to various retail stores‚ boutiques and wholesalers. The mission of a fashion merchandiser includes connecting different fashions to consumers and anticipating what your clients will be interested in. Fashion merchandising doesn’t center on fashion alone; it entails a keen business sense and knowledge of assorted marketing strategies and techniques. Fashion merchandisers are customer-oriented
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