Acc200Day08 - Accy 200 Accy Day 8 Peter A. Silhan Agenda...

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Accy 200 Accy 200 Day 8 Peter A. Silhan
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Agenda Agenda Inventory Accounting FIFO LIFO Weighted Average Appendix D
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Ch5: Current Assets Ch5: Current Assets Cash & Equivalents Short term Marketable Securities Accounts receivable (AR) Notes Receivable (NR) Inventories (INV) Prepaid Expenses Other Current Assets Today Current assets include cash and those assets that are expected to be converted to cash or used up within one year, or an operating cycle, whichever is longer.
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Inventory Account Inventory Account Retail Firm Merchandise Inventory Manufacturin g Firm Finished Goods Inventory Raw Materials Inventory Work in Process Inventory
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INV TBAF (To Be Accounted INV TBAF (To Be Accounted For) For) TBAF = Beginning plus inflow (cost of purchases) TBAF = Ending plus outflow TBAF Ending = outflow (cost of goods sold) Key Concept
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Dr Cr INV purchases goods sold Cash Cr RE (expense) Dr Invoice Supplier INV Account INV Account
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INV Accounting INV Accounting System System Alternatives Alternatives Periodic Inventory System Cost of goods
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This note was uploaded on 10/16/2010 for the course ACCY Accy 200 taught by Professor Xxx during the Spring '10 term at University of Illinois at Urbana–Champaign.

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Acc200Day08 - Accy 200 Accy Day 8 Peter A. Silhan Agenda...

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