Purchase Return or Allowance (Entry)
buyers perspective
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- Cash/ AP XXX
-Inventory XXX
Net Income
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= GP - operating expenses
,Debit Memorandum
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the bank is taking money out of, or debiting your account, and you do not
know about it.
Direct Write Off Method (entry)
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Bad Debit Expense XXX
Accounts Receivable XXX
Service Charges
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(-)
Bank fees charged to companies. The fees will be subtracted from the
account before the company knows about them.
Lower of Cost or Market Principle
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, Inventory should be valued at the lower of replacement cost or market
value
Primary Components of Internal Control System
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-risk assessment
-monitoring
- information and communication system
ADA is a __________ asset
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contra
- so the normal balance is a credit
Formula to calculate interest
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= Face Value X Interest Rate X Time
Credit Memorandum
buyers perspective
Give this one a try later!
- Cash/ AP XXX
-Inventory XXX
Net Income
Give this one a try later!
= GP - operating expenses
,Debit Memorandum
Give this one a try later!
the bank is taking money out of, or debiting your account, and you do not
know about it.
Direct Write Off Method (entry)
Give this one a try later!
Bad Debit Expense XXX
Accounts Receivable XXX
Service Charges
Give this one a try later!
(-)
Bank fees charged to companies. The fees will be subtracted from the
account before the company knows about them.
Lower of Cost or Market Principle
Give this one a try later!
, Inventory should be valued at the lower of replacement cost or market
value
Primary Components of Internal Control System
Give this one a try later!
-risk assessment
-monitoring
- information and communication system
ADA is a __________ asset
Give this one a try later!
contra
- so the normal balance is a credit
Formula to calculate interest
Give this one a try later!
= Face Value X Interest Rate X Time
Credit Memorandum
