Bookkeeping Documentation
Retail businesses must deal with various accounting and compliance related documentation when purchasing products from suppliers and selling to consumers.
The paper trail can be quite extensive throughout the inventory journey.
In the Philippines, every transaction involving the purchase, sale, transfer, exchange or return of a product or stock sho.
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Inventory Costing Methods
The inventories (stocks) of a retail business are one of the most (maybe even themost) important and valuable assets it owns.
The costing of inventories is an activity that retailers must understand to ensure they get as much value as possible out of their prized asset.
Retailers should, at a minimum, understand: 1. the total cost to the business o.
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Inventory Management
If your business has in place a quality inventory management system which is fully optimized to align with your business model and internal processes, management can save a lot of time, cost and resources on inventory.
On the retail to customer side, an integrated Point of Sale system (POS) can really help a business manage its inventory levels, ge.
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Inventory Shrinkage
Inventory shrinkage arises where a business has less stock than is actually recorded in its inventory list.
A constant pain for retail businesses is the loss of inventories through wastage or obsoleteness.
It is generally a bigger issue for retailers selling perishable items such as food, dairy, fresh flowers, etc.
However, it still remains a consi.
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What are the books on Philippine income taxation?
Philippine income taxation:
Volume 1.
GIC Enterprises & Co., Inc.
Llamado, Christopher P., (2020).
Philippine income taxation:Volume 2.
GIC Enterprises & Co., Inc.
Reyes, Virgilio D., (2021).
Income tax:Law and accounting.
GIC Enterprises & Co., Inc.
Valix, Conrado T., (2020).
Intermediate accounting :Volume 1.
GIC Enterprises & Co., Inc. ,
What Is A Retail Business?
A “retail business” is usually accepted as meaning a business that buys finished products and then sells those products to end consumers.
Retail sales can originate from a traditional bricks and mortar store or through the internet.
See our recent article on operating e-commerce and online marketplacebusinesses in the Philippines.
In a strictly ret.
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What is cost accounting?
Cost Accounting is an expanded phase of general or financial accounting which informs management promptly with the cost of rendering a particular service, buying and selling a product, and producing a product.
It is the field of accounting that measures, records, and reports information about costs.
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Which books are based on advanced accounting principles & procedural approach?
Advanced accounting :
principles and procedural approach :volume one.
GIC Enterprises & Co., Inc.
Guerrero, Pedro P., (2017).
Advanced accounting :principles and procedural approach:volume two.
GIC Enterprises & Co., Inc.
Cabrera, Ma.
Elenita Balatbat, (2018).
CPA Examination reviewer in auditing problems.
GIC Enterprises & Co., Inc. ,
Who needs cost accounting information?
Cost accounting information is needed and used by both financial and managerial accounting.
Cost accounting provides product cost information to extemal parties. such as:
stockholders. creditors and various regulatory boards forf4 Cost Accounting credit and investment decisions. 