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[commerceacademy]

Sales refers to the volume of goods and services sold by a business during a reporting period. A sale determines that the seller provides the buyer with a good or service in exchange for a specific amount of money or specified assets. To complete a sale, both the buyer and the seller have to be considered to be competent enough to make the transaction. They also have to be in agreement regarding the specific terms of the sale. In addition, the good or service that is being offered has to actually be available to purchase, and the seller has to have the authority to transfer the item or service to the buyer. When quantified into a monetary amount, it is positioned at the top of the income statement, after which operating and other expenses are subtracted to arrive at a profit or loss figure. The term can also refer to the selling organization of a business, and the activities this group engages in to secure orders from customers. Connecting with us is easier now. Just click on https://campsite.bio/commerceacademy to access our online presence. #commerceacademy #learningcommerce #academycommerce #GST #gstn #gstreforms #accounts #accountingbasics #elearning #youtuber #youtube #accountingonline #staysafe #learncommerce #learnaccounts #basics #likeforlike #followforfollow https://www.instagram.com/p/CJWQDLEBss2/?igshid=87fmblttpm7t

[commerceacademy]

The Central Board of Indirect Taxes & Customs (CBIC) introduced Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme under Goods and Services Tax (GST) to help small taxpayers whose turnover is less than Rs.5 crores. The QRMP scheme allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month. We did a separate video introducing this new reform a while back. Click on the following link to watch it: https://youtu.be/H853FManxEM. To learn more about accounting, head onto our YouTube channel: youtube.com/c/AcademyCommerce. #commerceacademy #learningcommerce #academycommerce #GST #gstn #gstreforms #accounts #accountingbasics #elearning #youtuber #youtube #accountingonline #staysafe #learncommerce #learnaccounts #basics #likeforlike #followforfollow https://www.instagram.com/p/CJV71nXhgnu/?igshid=u6wrhwkkypem

[commerceacademy]

A purchase means to take possession of a given asset, property, item or right by paying a predetermined amount of money for the transaction to be completed successfully. In other words, its’ an exchange of money for a particular good or service. It is a routinely operation carried by both individuals and corporations. The purpose of this financial transaction is to transfer the ownership of a piece of property physical, intellectual, virtual or else. It is therefore a kind of expense and is hence included in the income statement within the cost of goods sold. Purchases may also include buying of raw materials in the case of a manufacturing concern or finished goods in the case of a retail business. However, in accounting, we have to differentiate between purchases as explained above and other purchases such as those involving the procurement of a fixed assets (e.g. factory machine or building). Such purchases are capitalized in the statement of financial position of the entity (i.e. recognized as assets of the entity) rather than being expensed in the income statement. To learn more about accounting basics, head onto our YouTube channel. We have started e new series poised towards accounting and commerce basics. Or visit https://youtu.be/bNQSdNjaAng. #commerceacademy #learningcommerce #academycommerce #goods #finishedgoods #accounts #accountingbasics #elearning #youtuber #youtube #accountingonline #staysafe #learncommerce #learnaccounts #basics #likeforlike #followforfollow https://www.instagram.com/p/CJTx5fHBSVF/?igshid=1sikfuxiryxid

[commerceacademy]

Goods are inventory items unique to manufacturers. As retailers purchase their inventory in completed form, there’s no need to categorise or segment their inventory. Goods and products that have been purchased ready for sale are known as merchandise. The finished goods inventory is recorded on a company’s income statement as a short-term or current asset, as it is assumed that the finished goods will be sold within a year.At the end of the accounting period, the finished goods inventory is usually combined with raw materials and work in process under one single ‘Inventory’ line on a company’s balance sheet.Finished goods will often undergo a markup, meaning that the price for which they are sold is increased from the original purchase price. Markup amounts can differ, but it is not uncommon for markups to be around 50% more than the price of the original manufacturer. To learn more about accounting basics, head onto our YouTube channel. We have started e new series poised towards accounting and commerce basics. Or visit https://youtu.be/bNQSdNjaAng. #commerceacademy #learningcommerce #academycommerce #goods #finishedgoods #accounts #accounting basics #elearning #youtuber #youtube #accountingonline #staysafe #learncommerce #learnaccounts #basics #likeforlike #followforfollow https://www.instagram.com/p/CJQ7vOJhaqQ/?igshid=1b1mjtj3cjpk3

[commerceacademy]

A journal entry is a record of the business transactions in the accounting books of a business. A properly documented journal entry consists of the correct date, amounts to be debited and credited, description of the transaction and a unique refrence number. A journal entry is the first step in the accounting cycle. A journal details all financial transactions of a business and makes note of the accounts that are affected. Since most businesses use a double-entry accounting system, every financial transaction impact at least two accounts, while one account is debited, another account is credited. This means that a journal entry has equal debit and credit amounts. To learn more about accounting basics, head onto our YouTube channel. We have started a new series poised towards accounting and commerce basics. Or visit https://youtu.be/bNQSdNjaAng.  Thanks to freepik.com for graphic assistance. #commerceacademy #learningcommerce #academy #academycommerce #account #accounts #elearning #youtuber #youtube #accountingonline #stayhomestaysafe #learncommerce #learnaccounts #basics #likeforlike #followforfollow https://www.instagram.com/p/CI8JezrBhuv/?igshid=19w93c3fn08aj

[commerceacademy]

Or is it ? It is also described as a business event that has a monetary impact on an entity's financial statements, and is recorded as an entry in its accounting records. But in business bookkeeping, this definition again gets complicated. A transaction will be recorded earlier or later depending on whether the company uses active accounting rather than cash accounting. The accrual accounting method requires a transaction to be recorded when it occurs, regardless of when the money is received or the expenses are paid. The cash accounting method records a transaction only when the money is received or the expenses are paid. To learn more about accounting basics, head onto our YouTube channel. We have started a new series poised towards accounting and commerce basics. Or visit https://youtu.be/bNQSdNjaAng. For refrence you may head onto investopedia.com. Thanks to freepik.com for their assistance with graphics. #commerceacademy #learningcommerce #commerce #accounts #accounting #learncommerce #learnaccounts #basics #transaction https://www.instagram.com/p/CI5L7vMBb_1/?igshid=vuvjmbvv10nw