the british isles (england ,scotland ,wales and northern ireland) were governed by the british government only. they devolved power to each individual country-scottish, welsh and irish assemblies which gave each certain but not total powers of government for each. hence devolution.
In business accounting, merchandising inventory refers to merchandise procured by a merchant for resell. Merchandising companies sell products such as clothing, auto parts and other tangible products. Merchandising inventory is different from manufacturing inventory, because the later constitutes products made directly by the manufacturer.
Purchases: this is an expense account used in a periodic system to record inventory that is purchased. This account has a normal debit balance and appears on the income statement in the Cost of Goods Sold section for a merchandising company. Purchase discounts: this is a contra account used to offset purchases.ost of Goods Sold is an expense account shown on the income statement. It is important for the owner to use this account because it shows the cost of the inventory sold. Once Cost of Goods Sold is known, the owner can calculate gross margin.