Chapter 8 Day 1 Spring 2010

Chapter 8 Day 1 Spring 2010 - Chapter 8 Day 1 (Apr. 5th)...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 8 Day 1 (Apr. 5 th ) Recording and Evaluating Expenditure Process Activities 8-1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
8-2 Learning Objectives Describe the difference between the periodic and perpetual inventory systems and record inventory activities. Discuss the difference between the net price and gross price methods and record activities. Explain the payroll reporting process and related entries. Explain how to analyze and record expenditure process activities. Describe how expenditure process activities are reported on the financial statements.
Background image of page 2
8-3 What are the 4 Primary Expenditure Process Activities? Determine the need for goods/services Select suppliers and order goods/services Receive goods/services Pay suppliers of goods/services
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
8-4 Which of the Expenditure Process Activities are Accounting Events? Receive goods/services Increase inventory Increase accounts payable Pay suppliers of goods/services Decrease accounts payable Decrease cash
Background image of page 4
8-5 What is the Basic Flow of Information as Described in the Flowchart? Inventory control determines the need for inventory and notifies purchasing Purchasing places an order with a vendor Receiving notifies accounts payable that goods have been received
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 16

Chapter 8 Day 1 Spring 2010 - Chapter 8 Day 1 (Apr. 5th)...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online