Why are contra-revenue accounts used rather than directlydeducting from the Sales Revenue account?

Which method, the percentage-of-receivables method or the percentage-of-credit-sales method, is typically used in practice? Why?

From page 5-2 of the VLN, which of the following accounts are subtracted from sales to compute Net sales? Allowance for uncollectible accounts Deferred revenue Sales discounts Sales returns and sales allowances Accumulated depreciation Trade discount

When goods are sold on a bill-and-hold basis, what conditions must be met to recognize revenue upon receipt of the order?

What is the difference between gross profit method & the retail method?

Which of the following accounts does NOT belong to the group? Freight Out O Sales Commission Expense Sales Returns and Allowances O Advertising Expense

Which is wrong?    The term creditable input VAT means input VAT deductible from output VAT. Input VAT on personal consumption are creditable against output VAT. Only input VAT for purchase of goods or services in the course of business is creditable. Input VAT needs to be evidenced by a VAT invoice or VAT official receipt to be creditable.

What can be the effect of inventory errors on the financial reports? How can these errors be corrected?