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About Lecture Notes - Chapter 7
This document provides an overview of merchandising operations and financial accounting concepts for merchandising businesses. It compares income statements for service companies versus merchandising companies, noting that merchandising companies use additional accounts like cost of goods sold and gross profit. The document then discusses key aspects of a merchandising business like the operating cycle of purchasing inventory, selling it, and using the cash to purchase more inventory. It also outlines important source documents used in merchandising like purchase orders, invoices, and receiving reports. Finally, it covers terms of transactions like credit periods, cash discounts, and trade discounts.
Detailed Information
Author: | ['Nova Grace Latina'] |
---|---|
Publication Year: | 2021 |
Pages: | 17 |
Language: | English |
Format: | |
Price: | FREE |
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