Thư viện tài liệu, ebook tham khảo dành cho học sinh, sinh viên

With other inventory cost methods, we make an assumption of the movement of costs through the accounting system. This "flow" of costs through the system need not match the movement of product through the business.

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At issuance Increase Cash for face value less discount Increase Discount on Notes Payable for discount Increase Notes Payable for face value

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Schedule that lists each invoice by days elapsed since due date Aging categories Not Yet Due 1-30 Days Past Due 21-60 Days Past Due etc.

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Monthly bank statement conceptually a mirror image of company’s cash account Timing differences in recording of deposits and clearing of checks causes difference in balance between bank and books. Requires reconciliation

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Merchandise inventory, beginning Purchases Transportation in Gross delivered cost of purchases Deduct: Purchases returns and allowances Purchases discounts Net cost of purchases Cost of goods available for sale Deduct: Merchandise inventory, ending Cost of goods sold

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To study changes in Return on Assets Separate into two components Profit Margin Net income divided by Total revenues Total Asset Turnover Total revenues divided by Average total assets

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Two situations Pay a cost of benefit in advance and allocate cost as expenses to periods that receive benefit Receive a cash revenue in advance and allocate amounts as revenues to periods in which revenues earned

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Owners' Equity Appear on the right (credit) side of the equation Therefore: Increase them with credits Decrease them with debits

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Classification - arrangement of financial statement items into groupings that have common basis Assets Current Property, plant, and equipment

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The Statement of Retained Earnings: reports the earnings not distributed to shareholders. Accounts reported include beginning balance of retained earnings, current year’s net income, dividends distributed for the reporting period and the ending balance of retained earnings.

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