Chapter 8 Day 2 Spring 2010 Revised

Chapter 8 Day 2 Spring 2010 Revised - Chapter 8 Day 2(Apr 7...

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Unformatted text preview: Chapter 8 Day 2 (Apr. 7 th ) Recording and Evaluating Expenditure Process Activities 8-1 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. 8-3 What is the Basic Flow of Information in the Payroll Process? • Employees record time worked on time cards and factory records time worked on time tickets • Timekeeping compares time cards and time tickets • Payroll records time worked, deductions, etc. • Accounts payable approves payroll and notifies cashier • Cashier pays employees 8-4 What is the Difference between Gross Pay and Net Pay from the Employer’s Point of View?...
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Chapter 8 Day 2 Spring 2010 Revised - Chapter 8 Day 2(Apr 7...

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