Basic Points Of Accounting [ Part 4 ]

Basic Points Of Accounting [ Part 4 ]

Written By : Sakin17

Preview :

1. 8 Specialized  Journal 

1. Give the services on credit : Be Recorded in the Income Journal ( Sales Journal )
2.  Receive cash from any source : be recorded in the cash receipt journal 
3. Buy some goods on credit : be recorded in the purchase journal 
4. Spend cash for payments : be recorded in the cash payment journal 

 

 

1.9 Terms Of Delivery 

1. FOB Shipping Point : the ownership right moves to the customer if the merchandises are sent to freight carrier, so the transportation expense paid by the customer.
2. FOB Destination : the ownership right moves to the customer if the merchandises are sent to customer , so the transportation expense become dependent seller. 

1. 10 The method to determine Merchandise Inventories Expense

1. First In First Out (MPKP/FIFO)
2. Last In First Out (MTKP/LIFO)
3. Average Method

1. 11 The counting of Interest 

•   Interest = principal amount x interest rate x time

• To be continued............[ part 5 ]