a/c(Withdrew cash for personal use.) Shahin Ansari. Drawings a/c Dr. Drawings are use for drew cash for personal use. What is the journal entry of persona...

Definition of Sales Discounts Sales discounts (along with sales returns and allowances) are deducted from gross sales to arrive at the company’s net sales...

Because issuing bonus shares increases the issued share capital of the company, the company is perceived as being bigger than it really is, making it more...

If the fair market value of an asset increases, the company can increase the asset’s value in the balance sheet, which increases the retained earnings. If...

The abbreviation for debit is dr. and the abbreviation for credit is cr. Is the abbreviation used for debit? dr. The abbreviation for debit is dr., while ...

Cash basis accounting is easier, but accrual accounting portrays a more accurate portrait of a company’s health by including accounts payable and accounts...

They include principles from mathematics, statistics, economics and finance. When these principles are considered in conjunction with the actuarial risk v...

Gross profits equal net sales minus cost of goods sold. Therefore, if the depletion or buildup in inventories is the result of a change in the sales pace,...

Any employees who work on salary count as a fixed cost. They earn the same amount regardless of how your business is doing. Employees who work per hour, a...

The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business. Th...