Tag Archives: deduction

Define bills of exchange

Define bills of exchange A written order to pay a sum of money on a given date to the drawer or to a named payee; a promissory note Or A written, unconditional order by one party (the drawer) to another (the drawee) to pay a certain sum, either immediately (a sight bill) or on a fixed date (a term bill), …

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Define Drawing

Define Drawing The withdrawal of business cash or other assets by the owner for the personal use of the owner. Withdrawals of cash by the owner are recorded with a debit to the owner’s drawing account and a credit to the cash account. Source: http://www.accountingcoach.com/terms/D/draw.html Or We use drawing many times in financial accounting. Drawing here means any amount withdraws …

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Define sales returns

Define sales returns Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor’s accounts. Or A sales return is merchandise sent back by a buyer to the seller, usually for one of the following reasons: Excess quantity shipped Excess quantity ordered Defective goods Goods shipped too late Product specifications are incorrect Wrong …

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Objective Type Questions for Principle of Accounting I.Com Part 1 (e)

Objective Type Questions for Principle of Accounting I.Com Part 1 Test 5

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