Examlex
Internal control consists of all the related methods and measures adopted within an organisation to safeguard its assets, enhance the reliability of its accounting records, increase efficiency of operations, and ensure compliance with laws and regulations.
Liability Account
An accounting record that captures the amounts a company owes to others.
Gross Sales
represent the total sales revenue before any deductions are made for returns, allowances, or discounts.
Cash Sales
Transactions in which goods or services are exchanged immediately for cash payment.
Credit Sales
Sales made on credit, allowing buyers to pay at a later date, usually generating accounts receivable for the seller.
Q7: The journal entry to replenish the petty
Q77: On July 17, 2011, Pear, Inc.writes a
Q114: Ball Company sells merchandise on account for
Q132: On July 17, 2011, Pear, Inc.writes a
Q139: Robin Company acquires a piece of land
Q163: If the proceeds from the sale of
Q168: Birk Company sells merchandise on account for
Q173: Gains on exchanges of assets when the
Q186: Depreciation is a process of<br>A)asset devaluation.<br>B)cost accumulation.<br>C)cost
Q214: Recording depreciation each period is an application