GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW) | ||||||
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12:40 Jul 17, 2014 |
Lithuanian to English translations [PRO] Bus/Financial - Finance (general) | |||||||
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| Selected response from: Valters Feists Latvia Local time: 12:38 | ||||||
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Summary of answers provided | ||||
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5 +1 | record as inventory, record in the inventory account |
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5 | to record as income |
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to record as income Explanation: http://www.vlkk.lt/lit/3874 Ar vartotinas žodis „užpajamuoti“? Taip, pagal el. „Dabartinės lietuvių kalbos žodyną“ (Vilnius, 2003) reiškiantis „įrašyti į pajamas“: Užpajamavo gautuosius pinigus. |
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record as inventory, record in the inventory account Explanation: Goods are not income (which is money or a similar asset) but inventory (which can be sold or used in some other non-monetary way). The basic types of assets are explained here http://en.wikipedia.org/wiki/Asset#Current_assets Thus: “užpajamuoti prekes” -- “record the goods as inventory”, “record the goods in the inventory account”. Examples -- “When the perpetual inventory system is used, there is a continuous or perpetual record of inventory recorded in the inventory account. When a company purchases product, it is immediately recorded as inventory. When the products are sold, the inventory balance is immediately reduced (credited) and recorded in cost of goods sold.” http://business-accounting-guides.com/perpetual-inventory-sy... “Inventory does not include supplies, which are considered to be charged to expense in the period purchased. Also, customer-owned inventory should not be recorded as inventory owned by the company. Further, supplier-owned inventory located on the premises should also not be recorded as inventory by the company.” http://www.accountingtools.com/questions-and-answers/what-is... Reference: http://en.wikipedia.org/wiki/Asset#Current_assets |
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