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ACCOUNTING 200 EXAM #2 STUDY GUIDE 2025 QUESTIONS AND ANSWERS

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Effect of different cost flows methods: - ANS Balance sheet & Income Statement Inventory errors effect which financial statement? - ANS Balance sheet & Income Statement FOB shipping point: - ANS -ownership of the goods passes to the buyer when the public carrier accepts the goods from the seller -not considered inventory till they receive goods Periodic System: - ANS -merchandise NOT tracked on a day-to-day basis -inventory & COGS is determined at the end of the accounting period by doing a physical count Perpetual System: - ANS -records of inventory are kept continuously -cogs is determined each time a sale occurs -typically used with high value merchandise How to calculate Book Value of asset: - ANS = ( Cost - accumulated depreciation ) Calculating COGS in a Periodic System: - ANS + Purchases - Purchase returns & discounts ACCOUNTING 200 EXAM #2 STUDY GUIDE 2025 QUESTIONS AND ANSWERS Copyright ©2025 BRIGHTSTARS ALL RIGHTS RESERVED 2 + Freight-in (shipping costs) - Ending Inventory = Cost of Goods Sold Sale of Merchandise Journal Entry: (remember 2 entries!) - ANS Dr. Accounts Receivable xxx Cr. Sales xxx Dr. Cost of goods sold xxx Cr. Inventory xxx -For actual amount of sale -For cost of the inventory items sold Sales returns & allowances Journal entry: - ANS Dr. Sales returns & allowances Cr. A/R Dr. Inventory Cr. COGS Sales discounts: Recording payment & discount Journal entry: - ANS Dr. Cash Dr. Sales Discounts Cr. A/R Freight Costs Journa

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ACCOUNTING 200 EXAM #2 STUDY
GUIDE 2025 QUESTIONS AND ANSWERS




Effect of different cost flows methods: - ANS Balance sheet & Income Statement



Inventory errors effect which financial statement? - ANS Balance sheet & Income Statement



FOB shipping point: - ANS -ownership of the goods passes to the buyer when the public
carrier accepts the goods from the seller
-not considered inventory till they receive goods



Periodic System: - ANS -merchandise NOT tracked on a day-to-day basis
-inventory & COGS is determined at the end of the accounting period by doing a physical count



Perpetual System: - ANS -records of inventory are kept continuously
-cogs is determined each time a sale occurs
-typically used with high value merchandise



How to calculate Book Value of asset: - ANS = ( Cost - accumulated depreciation )



Calculating COGS in a Periodic System: - ANS + Purchases
- Purchase returns & discounts


Copyright ©2025 BRIGHTSTARS ALL RIGHTS RESERVED 1

, + Freight-in (shipping costs)
- Ending Inventory


= Cost of Goods Sold



Sale of Merchandise Journal Entry: (remember 2 entries!) - ANS Dr. Accounts Receivable xxx
Cr. Sales xxx
Dr. Cost of goods sold xxx
Cr. Inventory xxx


-For actual amount of sale
-For cost of the inventory items sold



Sales returns & allowances Journal entry: - ANS Dr. Sales returns & allowances
Cr. A/R
Dr. Inventory
Cr. COGS



Sales discounts: Recording payment & discount Journal entry: - ANS Dr. Cash
Dr. Sales Discounts
Cr. A/R



Freight Costs Journal entry: - ANS Dr. Inventory
Cr. Cash


-shipping costs incurred by the company are added into inventory


Copyright ©2025 BRIGHTSTARS ALL RIGHTS RESERVED 2

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