Accounting Terms - PURCHASE & SALE Explained |

Accounting Terms - PURCHASE & SALE Explained
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Learn all about accounting terms related to purchases and sales in this comprehensive explanation video. Understand the differences between these terms and how they are recorded in financial statements. Perfect for students, small business owners, or anyone looking to enhance their financial literacy! Stay tuned to master these essential concepts in accounting.

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What is Purchase?
Purchases refer to the acquisition of goods or services by a business for use in its operations or for resale. Purchases are a crucial part of a company's supply chain and operational activities. They are recorded in the accounting books when goods are received or services are rendered.

What is Sales?
Sales refer to the revenue generated from the sale of goods or services to customers. Sales are the primary source of income for many businesses and are recorded in the accounting books when goods are delivered or services are rendered.

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Your Queries :-
What is Purchases?
What is Sales?
What is Sale of Extraordinary Item?
What is Purchase of Inventory?
When to write Purchase of Fixed Assets?
Difference between Regular Sales and Sales of Extraordinary Items.

Chapters:-
0:00 Introduction
0:56 Purchase
1:58 Purchase of Inventory
2:41 Purchase of Fixed Asset
3:11 Sales
4:08 Sales of Extraordinary Items
5:18 Regular Sales vs Sales of Extraordinary Items
6:07 Conclusion