ACC205,Week 3,assignment

ACC205,Week 3,assignment - Week 3 Assignment 1 Week 3...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Week 3: Assignment 1 Week 3: Assignment: Decision Case 1 Darlene Solano ACC205: Principles of Accounting 1 Instructor Robert Carr October 7, 2010
Image of page 1

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

View Full Document Right Arrow Icon
Week 3: Assignment: Decision Case 1 Chapter 6, page 344, Decision Case 1: Assume you are opening a Bed Bath & Beyond store. To Finance the business, you need a $500,000 loan, and your banker requires a set of forecasted financial statements. Assume you are preparing the statements and must make some decisions about how to do the accounting for the business. Answer the following questions (refer back to Chapter 5 if necessary). 1: Which type of inventory system will you use? Give your reason. (p. 255). There are two main inventory systems, perpetual and periodic. I would use the perpetual inventory system if I were starting a new business. My reason for this choice is that in a perpetual inventory system the system will keep a running record of inventory and the cost of goods sold. Creating a system that has better control over the inventory totals. I will have at my finger tips the number of units purchased, units sold, and the quantity of inventory on hand (Horngren & Harrison, 2007, p. 256).
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern