ACC

This is a summary of an accounting chapter about merchandise inventory. It explains the accounting principles that relate to merchandise inventory, such as conservatism, disclosure and consistency principles. Then, it shows how all four inventory costing methods (specific identification, FIFO, LIFO, weighted average cost) work through an example with tables. It also shows how to calculate gross profit, how to compute the inventory turnover and days' sales of inventory ratios. Finally, It explai...

This is a summary about an accounting chapter that talks about merchandising operations. It has definitions and formulas of sales revenue, cost of goods sold, gross profit, merchandise inventory, net cost inventory. It explains transportation cost and what FOB shipping point, FOB destination, freight in, freight out mean. There in an example of how to journalize purchases and sales related to merchandise inventory with a detailed explanation of every single step. It also talks about sales return...

This is a summary about an accounting I chapter that talks about the accounting cycle. It shows how to prepare financial statements, such as the adjusted trial balance, income statement, statement of owner's equity, and balance sheet. It also focuses on the classified balance sheet explaining which accounts need to be included and in what order. It also shows how using the worksheet can be helpful to complete the financial statements explaining how to complete every single section step by step....