Explanation

Cost of goods sold is the carrying value of goods sold during a particular period.

Explanation

Net sales are operating revenues earned by a company for selling its products or rendering its services.

Explanation

Posting refers to the process of transferring entries in the journal into the accounts in the ledger.

Explanation

Explanation

Benefits of preparing Bank Reconciliation Statement includes bringing out any errors committed in preparation of Cash book/Bank Pass Book, Highlighting under delay in clearance of cheques deposited but not credited and helps knowing actual bank balance.

Explanation

Cash received from debtors is considered an inflow of funds, representing payments made by customers who owed money to the business.

Explanation

Postage stamps on hand are considered as Prepaid expenses. Prepaid are any expense the business pays for in advance, such as rent, insurance, office supplies, postage, travel expense, or advances to employees.

Explanation

Error which affect only one account can be Error of posting. An error in which amount is posted to the wrong side of the same account is known as error of posting.

For example, goods sold to X wrongly credited to his account.

Explanation

Explanation