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Study+guide+for+Test+2+2100 - net income Specific...

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Study guide for Test on Chapter 5-8 Accounting 2100 test #2 Period cost vs product cost (what cost goes into inventory) Calculate gross margin, gross margin % , net income % Periodic vs perpetual system of inventory Fob destination and Fob shipping point Terms of sale or purchase such as 1/10/net 60 Balance sheet and net income statement – calculate, what goes into them Inventory purchases and sale – impact on BS,NI, and cash flow Inventory days and turns calculation Fifo, Lifo, and weighted average calculation and impact on inventory and
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Unformatted text preview: net income. Specific identification. Lower cost or market Gross margin valuation of inventory Internal controls for cash and other assets Bank reconciliations Classification of Assets and liabilities into current and non current Current ratio calculation and what it means Going concern concept Bad debts (direct write off method) (allowance method) Warranties Net realizable value of Account receivable Accounts receivable turnover ratio Average # days to collect accounts receivable Discount on notes payable...
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