If the organisation had already made a payment to the supplier before the items

were returned and a settlement discount was received on the payment. How would

you treat the settlement discount on return of the inventory items (ignore VAT):

discount is granted as a result of the quantity ordered

There

are no resulting journal entries when a sales order is created because no

transaction has taken place.

The

overall end goal of financial statements is to:

Two

important qualities of financial statements are that they must not only be

accurate but also be timely prepared.



In which circumstance can a credit limit will be

temporarily exceeded?

An accounting

transaction processing system (ATPS) is more commonly known as an

An

Enterprise Resource Planning system is usually a module in an Accounting

Information System for an Enterprise-Level 

Accounting Software.

An

account chart contained in off-the-shelf Accounting software is:

This

document will stipulate the headcount that is necessary for the operations of

the organization to be run optimally: