Accounting principles chapter 06

... CHAPTER INVENTORIES After studying this chapter, you should be able to: Describe steps in determining inventory quantities Explain the basis of accounting for inventories ... determined when sale occurs Periodic • cost of goods sold is determined at the end of accounting period Basis of Accounting for Inventories Periodic Cost Flow Methods STUDY OBJECTIVE • Revenues from ... classifi...

Ngày tải lên: 05/04/2017, 14:48

... CHAPTER INVENTORIES Accounting Principles, Eighth Edition Chapter 6-2 Study Study Objectives Objectives Describe the steps in determining inventory quantities Explain the accounting ... lower-of-cost-or-market basis of accounting for inventories Indicate the effects of inventory errors on the financial statements Compute and interpret the inventory turnover ratio Chapter 6-3 Repo...

Ngày tải lên: 05/04/2017, 15:19

... often “take inventory”  when the business is closed or business is slow  6-5 at the end of the accounting period LO 6-6 LO Determining Inventory Quantities DETERMINING OWNERSHIP OF GOODS GOODS ... in ending inventory of the current period will have a reverse effect on net income of the next accounting period 6-39  Over the two years, the total net income is correct because the errors ....

Ngày tải lên: 12/05/2017, 11:44

... Chapter Inventories Chapter 6-2 Accounting Principles, Ninth Edition Study Study Objectives Objectives Describe the steps in determining inventory quantities Explain the accounting ... lower-of-cost-or-market basis of accounting for inventories Indicate the effects of inventory errors on the financial statements Compute and interpret the inventory turnover ratio Chapter 6-3 Repor...

Ngày tải lên: 13/05/2017, 10:21

... CHAPTER6 Inventories 6-2 PreviewofCHAPTER6 6-3 Classifying Inventory Merchandising Company One Classification:  ... Determining Ownership of Goods Consigned Goods 6-12  Goods held for sale by one party  Ownership of the goods is retained by another party SO Describe the steps in determining inventory quantities ... Explain the basis of accounting for inventories and apply the invent...

Ngày tải lên: 15/05/2017, 10:33

... column of each account – Step 4: Verify the accuracy of the posting by adding the account balances of the accounts receivable subsidiary ledger and comparing the total with the balance of the ... Ref column of each account – Step 4: Check the accuracy of the posting by adding the account balances of the accounts payable subsidiary ledger and comparing the total with the bala...

Ngày tải lên: 15/05/2017, 15:43

... to distinguish between the cost of goods sold and the cost of goods available for sale – The cos t of goods s old is the cost of merchandise actually sold in the accounting period ©2014 Cengage ... (slide of 2) – The c o s t o f g o o ds available fo r s ale is the total cost of merchandise that could be sold in the accounting period It is the sum of the following two factor...

Ngày tải lên: 15/05/2017, 15:43

... Explain the basis of accounting for inventories and apply the inventory cost flow methods Inventory Costing Average Cost Illustration 6-8 6-13 LO Explain the basis of accounting for inventories and ... Explain the basis of accounting for inventories and apply the inventory cost flow methods Inventory Costing Financial Statement and Tax Effects Illustration 6-9 6-15 LO Explain...

Ngày tải lên: 13/05/2015, 02:54

... Case 6-35 341 342 Chapter Lecture Notes Helpful Hint: Before beginning the lecture, show students the sixth segment from the first tape of the McGraw-Hill/Irwin Managerial/ Cost Accounting video ... discrepancies between financial accounting net operating income and the profits calculated using the contribution approach This topic is covered in detail in the chapter on variable costi...

Ngày tải lên: 23/11/2016, 10:46

... Exercise 6-27 and Problem 6-35 CHAPTER QUIZ SOLUTIONS: 1.d 2.a 3.b 4.d 5.c 6.b 7.c 8.a 9.d 10.b 11.c 12.b Master Budget and Responsibility Accounting 79 CHAPTER QUIZ Budgeting is the common accounting ... coverage of budgets Purpose of budget should guide time period chosen Ongoing coverage through use of rolling budget Do multiple choice Assign Exercise 6-16 Master B...

Ngày tải lên: 23/11/2016, 16:12

... to the Allowance account to achieve the “desired ending balance.” 27 Allowance for Doubtful Accts (T-account) Allowance for Doubtful Accts Beginning Balance The allowance established in the prior ... ending balance” in the allowance account is estimated using the percentage calculation or the aging schedule 30 Allowance for Doubtful Accts (T-account) Allowance for Doubtful Accts Beginning...

Ngày tải lên: 24/11/2016, 11:11

... to classify inventory and inventory quantities Explain the basis of accounting for inventories and apply the inventory cost flow methods under a periodic inventory system Explain the financial ... Explain the basis of accounting for inventories and apply the inventory cost flow methods under a periodic inventory system Financial Financial Statement Statement and...

Ngày tải lên: 24/11/2016, 14:36

... to classify inventory and inventory quantities Explain the basis of accounting for inventories and apply the inventory cost flow methods under a periodic inventory system Explain the financial ... Explain the basis of accounting for inventories and apply the inventory cost flow methods under a periodic inventory system Financial Financial Statement Statement and an...

Ngày tải lên: 01/12/2016, 14:34

... mode of conduct is personally or socially preferable to another mode of conduct © 2015 by Cengage Learning Inc All Rights Reserved 36 Subculture A homogeneous group of people who share elements of ... 2011, a woman allegedly pepper sprayed a crowd of shoppers reaching for discounted Xbox 360s Black Friday: • Retailers offer their best bargains of the year • Consumers camp out for...

Ngày tải lên: 09/12/2016, 12:20

... CHAPTER ACCOUNTING IN ACTION After studying this chapter, you should be able to: • Explain what accounting is • Identify users and uses of accounting • Understand why ... concept • Explain the meaning of generally accepted accounting principles and the cost principle CHAPTER ACCOUNTING IN After studying thisACTION chapter, you should be able to: • Explain the meaning ... BOO...

Ngày tải lên: 05/04/2017, 14:48