Goods/Stock purchased or sold being returned is quite a common practice in business. This may be on account of a number of reasons like defects in goods‚ quality not matching the requirement for which the buyer purchased it‚ the buyer not needing the stock‚ etc. This happens both in case of goods purchased as well as goods sold by the organisation. Where the goods sold are being returned we call it "Sales Returns" and where goods purchased are being returned we call it "Purchase Returns"
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Profit 121.196237 INTRDUCTION: There are two types of prospective financial statements. 1. Projected financial statement 2. Forecasted financial statement These statements attempt to reflect company’s expected financial position and expected results of operations. The projected financial statement is summary. It is the summary of revenue and expenses for the budgeted period. Projected financial statement includes the Balance Sheet‚ income statement and cash flow statement for the budgeted period
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The Saint I choose for Confirmation is Francis of Assisi. He is inspiring to me because of his close connection to God and animals. Saint Francis was born in Umbria as Giovanni di Pietro di Bernardone in late 1181 or early 1182. His parents were Pietro di Bernardone‚ a wealthy silk merchant who owned farmland and Pica de Bourlemont‚ a French noblewoman. His father nicknamed him “Francesco” which means Frenchman. He was one of seven children who lived a privileged life with fancy clothes and
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applying theory to economic practice. After completing this module‚ students will be familiar with: the procedure of hypothesis testing; the possible outcomes in hypothesis testing; the difference between significant and nonsignificant statistical findings. After completing this module‚ students will be able to: define what is meant by a hypothesis and hypothesis testing; understand the logic of hypothesis testing and describe the steps of hypothesis testing procedure;
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The Chart of Accounts The increases and decreases in accounting element as affected by a business transaction are recorded in a device called account name‚ account title or account. Each accounting element is composed of several accounts which describe the related economic transactions and events. To maintain uniform account name‚ the business must have a listing of all the accounts it uses to record economic transactions. This listing of all accounts is called “Chart of Accounts.” The Chart of
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Statistical Reasoning in Everyday Life This chapter taught me the importance of understanding statistical data and how to evaluate it with common sense. Almost everyday we are subjected to statistical data in newspapers and on TV. My usual reaction was to accept those statistics as being valid. Which I think is a fair assessment for most people. However‚ reading this chapter opens my eyes to the fact that statistical data can be very misleading. It shows how data can be skewed to support a certain
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internal user (Ex: employee‚ management) for the purpose of PLANNING‚ CONTROLLING‚ and DECISION MAKING. P.S. CIMA (Chartered Institute of Management Accountants) defines Management accounting as “Management Accounting is the process of identification‚ measurement‚ accumulation‚ analysis‚ preparation‚ interpretation‚ and communication of information that used by management to plan‚ evaluate‚ and control within an entity and to assure appropriate use of an accountability for its resources”. Financial accounting
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any other supermarket. Throughout the Stakeholders Report‚ phrases like “our emphasis on the highest quality perishable items” and “we adhere to the highest quality standards” reinforce that concept of product leadership. Perishable product sales account for about 67% of total retail sales. Customers choose Whole Foods Market primarily because they are able to buy better natural and organic foods and higher-quality perishable products than in conventional supermarkets. Further evidence of the product
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Sampling methods There are 4 basic sampling methods we have learned do far: simple random sampling‚ stratified sampling‚ clusters and systematic sampling. When we do experiments we need to use the right sampling method in order to make the experiment useful and successful. First‚ simple random sampling; it gives a sample selected in a way that gives every different sample of size n an equal chance of being selected. Second‚ stratified sampling; it divides a population into subgroups and then takes
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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 is
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