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Important Things to Know Exam 3, Chapters 5 & 6 What does a perpetual inventory system do, what is recognized when a sales transaction occurs, is there a need for a physical count of inventory? What is the other name for the acid-test ratio? FOB Shipping Point versus FOB Destination – who has the responsibility (the buyer or the seller) under each for paying shipping charges, bearing the risk for the goods, and at what point does ownership change hands? What does the cost of an inventory item include and what are the incidental costs often added to the cost of an inventory item? Is there ever a situation when obsolete or damaged goods would be included in inventory? Consistency concept as it relates to inventory. Full disclosure principle as it relates to changes in inventory accounting methods. How does a merchandising company earn net income? What is cost of goods sold?
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  • Spring '19

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