ACC 202 EXAM STUDY SHEET 2026 FULL
SOLUTION GUARANTEED TO PASS
⫸ Perpetual terms on journal entry. Answer: Inventory instead of
purchases
Inventory instead of freight in
⫸ Periodic terms in JE. Answer: Purchases instead of inventory
Freight in instead of inventory
Equipment is equipment
⫸ periodic inventory system. Answer: An inventory system in which
a company does not maintain detailed records of goods on hand
throughout the period and determines the cost of goods sold only at
the end of an accounting period.
⫸ FOB. Answer: free on board
⫸ FOB destination. Answer: Freight terms indicating that ownership
of goods remains with the seller until the goods reach the buyer.
, ⫸ FOB shipping point. Answer: Freight terms indicating that
ownership of goods passes to the buyer when the public carrier
accepts the goods from the seller.
⫸ purchased returns and allowances. Answer: Purchaser may be
dissatisfied and send it back for return, or take allowance
Return- debit accounts payable
-credit inventory
Allowance-
Contra revenue acc
⫸ purchase discount. Answer: 2/10, n/30
Two Ten means a discount is given if payed within the first 10 days
Net 30 means full is paid at end of month with no discount given
Contra revenue acc
⫸ When you are the buyer and pay in full less a discount. Answer:
Debit accounts payable
Credit inventory
SOLUTION GUARANTEED TO PASS
⫸ Perpetual terms on journal entry. Answer: Inventory instead of
purchases
Inventory instead of freight in
⫸ Periodic terms in JE. Answer: Purchases instead of inventory
Freight in instead of inventory
Equipment is equipment
⫸ periodic inventory system. Answer: An inventory system in which
a company does not maintain detailed records of goods on hand
throughout the period and determines the cost of goods sold only at
the end of an accounting period.
⫸ FOB. Answer: free on board
⫸ FOB destination. Answer: Freight terms indicating that ownership
of goods remains with the seller until the goods reach the buyer.
, ⫸ FOB shipping point. Answer: Freight terms indicating that
ownership of goods passes to the buyer when the public carrier
accepts the goods from the seller.
⫸ purchased returns and allowances. Answer: Purchaser may be
dissatisfied and send it back for return, or take allowance
Return- debit accounts payable
-credit inventory
Allowance-
Contra revenue acc
⫸ purchase discount. Answer: 2/10, n/30
Two Ten means a discount is given if payed within the first 10 days
Net 30 means full is paid at end of month with no discount given
Contra revenue acc
⫸ When you are the buyer and pay in full less a discount. Answer:
Debit accounts payable
Credit inventory
