Goods is a very wide term in economics and they can be any product or resource that has utility to a user or consumer. From an accounting perspective, however, goods typically include raw materials and supplies used in the...
Read MoreTrade transactions in commercial entities, especially those of high volume and high value, often take place on credit basis. Sellers extend credit period to their customers, allowing them a specified time period to make payment...
Read MoreIn commercial businesses, sales and purchases of goods and services are among the most frequent transactions. The larger the business, the higher the volume and value of such transactions. While small-value retail transactions...
Read MoreThe capital and drawings are both well known and generously used terms within the business world. However, they are often misunderstood by those with less familiarity to business terms and concepts. Every business, be it a...
Read MoreAccounting is often regarded as a ‘black and white’ profession with right or wrong answers. This isn’t the case because accounting standards require accountants to make judgements and estimates when accounting for a variety of...
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