Describe Your Own Example of an External and an Internal

question 82

Essay

Describe your own example of an external and an internal force for change.

Explain the significance of Rh factor in pregnancy and blood transfusions.

Understand how accounting errors in discount calculations impact financial statements.

Recognize the correct methods for posting transactions to the General Ledger and subsidiary ledgers.

Identify the role and workings of subsidiary ledgers and controlling accounts.

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Definitions:

Gross Profit Method

An inventory estimation technique that calculates the cost of goods sold by deducting sales revenue from the gross profit percentage.

Net Realizable Value

The estimated selling price of goods, minus the costs of their sale or disposal, used to assess the value of inventory or receivables.

Retail Inventory Method

An accounting method used to estimate the ending inventory and cost of goods sold of a retail company by using a cost-to-retail price ratio.

Days' Sales in Inventory

An economic indicator that calculates the mean duration in days a business requires to sell off its stock.