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6 Cards in this Set
- Front
- Back
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Provision for doubtful debts acc (Check your voice notes) |
Back (Definition) |
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How to find purchases if not given in an income statement (check your voice notes) |
Use margin to find the gross profit and then work backwards from there. |
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For Markup and margin (check your voice notesss!!!) |
Cost + profit = Sales |
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Bank reconciliation account (check voice notes) |
1) while making an updated cash book whatever is missing that is on the debit side of the back.rec ac will be on the credit side of the cash book vise versa 2) when creating a back.rec acc the unpresented check are the transactions that are on the credit side of the cash book and the amounts not yet credited and the transaction that are in the debit side of the cash book |
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If gross profit to revenue is give and they said don’t the cost of sales |
You take the sales and multiply it but the % of gross profit and the you subtract the answer you get from the sales and in that way you will have your cost of sales. |
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In manufacturing acc |
You should add the carriage inwards after opening inv+purchases-closing inv |
