Introduction Depreciation is an important concept in accounting. It refers to the gradual reduction in the value of a fixed asset over its useful life due to wear and tear, usage, obsolescence, or passage of time. It is a non-cash expense recorded in the books of accounts to reflect the reduction in the asset’s value […]
What Do You Mean by Accounting Concepts? Accounting concepts are the basic rules, assumptions, and guidelines that accountants follow while recording financial transactions. These concepts ensure that accounting practices are consistent, reliable, and comparable across different periods and organizations. They serve as the foundation of financial accounting and help in preparing true and fair financial
Introduction In large businesses, companies often operate through multiple branches located in different cities or regions. Each branch maintains its own set of books, recording its daily transactions. At the end of the financial year, the balances of these branches must be incorporated into the Head Office books to prepare consolidated financial statements. This ensures
Why is Journal Sub-divided? The journal is the book of original entry where business transactions are first recorded. When a business grows, the number of transactions increases, and it becomes difficult to record every transaction in a single journal. To simplify and speed up the process, the journal is divided into smaller books based on
Items Recorded at Invoice Price in the Consignment Account In consignment accounting, goods are sent by the consignor to the consignee for the purpose of sale. These goods are often recorded at the invoice price rather than the actual cost price. The invoice price includes the cost plus a markup (known as loading) to ensure
BRL–101: Overview of Retailing – Assignment 2025 Course Code: BRL–101 Assignment Code: BRL–101/TMA/2025 Coverage: All Blocks Total Marks: 100 ✅ Click on each question below to view its detailed answer: What do you understand by the term Retailing? Briefly explain the recent evolving trends in Indian and global retailing. Why is it essential to understand
Master Post – BRL–101: Overview of Retailing Assignment Answers (2025) Read More »
Introduction Business ethics refers to the moral principles and standards that guide behavior in the world of business. It involves applying values like honesty, fairness, responsibility, and integrity in business operations. Ethical behavior builds trust among customers, employees, and other stakeholders. In retail, ethical practices are essential for long-term growth and sustainability. What is Business
Introduction Technology plays a vital role in modern retailing. With growing consumer expectations and competition, retailers are leveraging technology to improve operational efficiency, enhance customer experience, and boost sales. From inventory management to customer engagement, technology has transformed how retail businesses operate. In this answer, we will explore the major applications of technology in the
Introduction GST stands for Goods and Services Tax. It is a unified indirect tax system implemented in India on 1st July 2017. GST replaced a complex structure of multiple indirect taxes like VAT, service tax, excise duty, and others. It is a destination-based tax that is levied at every stage of the supply chain and
Explain what you do mean by GST? Do you think it benefits the retail industry? Read More »
Introduction Pricing plays a key role in the success of any retail business. It directly affects sales volume, customer perception, and profitability. Retailers use various pricing techniques depending on the type of store, product category, and consumer segment they target. This answer explains the different pricing techniques used in retailing and how they are applied
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