Explanation

A purchase book is a special purpose subsidiary book prepared by a business to record all credit purchases.

Explanation

When prices are rising, you prefer LIFO because it gives you the highest cost of goods sold and the lowest taxable income.

Explanation

Preceding working day the bill will mature if the date of maturity of a bill is a holiday, where the date of maturity is a public holiday, the instrument will become due on the preceding business day.

Explanation

Depreciation helps to tie the cost of an asset with the benefit of its use over time.

In other words, each year, the asset is put to use and generates revenue, the incremental expense associated with using up the asset is also recorded.

Explanation

A financial budget in budgeting means predicting the income and expenses of the business on a long-term and short-term basis

Explanation

The transactions which are recorded using adjusting entries are not spontaneous but are spread over a period of time. 

An adjusting entry always involves either income or expense account.

Explanation

Debits increase asset and expense accounts. Debits decrease liability, equity, and revenue accounts

Explanation

Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life

Explanation

Returns inwards are goods returned to the selling entity by the customer, such as for warranty claims or outright returns of goods for a credit. For the customer, this results in the following accounting transaction: A debit (reduction) of accounts payable. A credit (reduction) of purchased inventory.

Explanation

Bid Opening: Stage in project advertisement process where sealed bids, received by prospective bidders (Contractors) are opening and examined by the County.