What is meant by an impulse purchase?
Definition: Impulsive buying is the tendency of a customer to buy goods and services without planning in advance. When a customer takes such buying decisi...
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Where is treasury stock reported in the financial statements?
shareholder’s equity section Treasury stock is a contra equity account recorded in the shareholder’s equity section of the balance sheet. Because treasury...
How do you disclose contingent liabilities?
A contingent liability is recorded if the contingency is likely and the amount of the liability can be reasonably estimated. The liability may be disclose...
What happens if your spouse does not file a tax return?
You also cannot sign your spouse’s name to the return without his consent. If your spouse chooses not to file jointly, you should file separately. When yo...
How do I get VAT refund?
At the Shop Bring your passport. Shop at stores that know the ropes. Get the documents. Weigh the cost of shipping versus VAT refund. Bring your paperwork...
Why is cash flow less than net income?
When operating cash flow is less than net income, there is something wrong with the cash cycle. In extreme cases, a company could have consecutive quarter...
How do you ratify a contract?
How to Ratify a Contract Look over the agreement and make sure you understand the terms and conditions. If you ratify one part of the contract, you have t...
When should you accrue an expense?
If no invoice has been received, then the department should process the accrual based either upon the known cost or an estimated cost if one can reasonabl...
What are financial statement level risks?
The risk of material misstatement on a financial statement level is the risk that certain risks could affect financial statements as a whole and potential...
How does hotel credit cards work?
Like airline cards, hotel cards reward loyalty—in this case, to a specific hotel or chain. With a hotel card, you may earn rewards to redeem for rooms. Yo...
