heh, I haven't done any accounting in some 3 years, but I'll do my best.
1. What are the items involved in COGS ?
Well, assuming a retailer:
* Opening inventory
* plus Purchases
* less Closing inventory
2. What's a good definition of "Accrual based accounting" or "Accrual method accounting" or "Accrual accounting" ?
A measurement concept which recognises revenue when they are earned (remember, no need for cash!) and expenses are recognised when they are incurred as part of the revenue generating process.
3. What is Gross loss?
Hmm, well gross profit occurs when Sales revenue exceeds COGS, so under a gross loss scenario COGS would exceed Sales revenue.
4. What are some "General Jounal" examples?
-edit- lol, i just realised a.org can't correctly display credits and debits
. So Dr.= Debits and Cr. = Credits Just remember that credits are slightly indented
Measuring a depreciation expense:
Dr. Depreciation Expense - Equipment 3,000
Cr. Accumulated Depreciation - Equipment 3,000
Dr. Commissions Receivable 300
Cr. Commissions Revenue 300
Dr. Petty Cash 30
Cr. Cash at Bank 30
5. What means "Bad Debts", and "Sundry Debtor", and "Sundry Creditors" ?
Bad Debts: An estimate of the amount of receivables that will become uncollectible. This involves making a adjusting entry in which Bad Debts Expense is debited and Provision for Doubtful Debts is credited.
With regard to the other two, I honestly don't recall these terms being used in an Australian context, but you can try this site:
http://www.shuchita.com/content/jargon.asp?char=S6. What is "6 Analysis transactions" ?
Not sure about this one, too vague. From what topic area did it come from?
7. "Accounting" doesn't belong in Dip. Tech.
Damn straght mate! I hate it when I had to do subjects beyond my area.
:-x
