Chap006

Fundamentals of Financial Accounting with Annual Report

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Unformatted text preview: Chapter 06 - Internal Control and Financial Reporting for Cash and Merchandise Sales CHAPTER 6 INTERNAL CONTROL AND FINANCIAL REPORTING FOR CASH AND MERCHANDISE SALES Student Learning Objectives and Related Assignment Materials Student Learning Objectives Mini- Exercises Exercises Coached Problems Problems (Groups A & B) Skills Development Cases Multi- chapter Material 1. Distinguish among service, merchandising, and manufacturing operations. 1 3 2. Explain common principles and limitations of internal control. 2, 3 1, 2 4, 6 3. Apply internal control principles to cash receipts and disbursements. 2, 4, 5, 6, 7 3, 4 1 A1, B1 4. Perform the key control of reconciling cash to bank statements. 8, 9 5*, 6 2, 3 A2, A3, B2, B3 1, 2 5. Explain the use of a perpetual inventory system as a control. 10, 11* 7*, 8 B6 2, 4 6. Analyze sales transactions under a perpetual inventory system. 12, 13, 14, 15 9, 10*, 11, 12, 13, 14, 15, 16 5, 6, 7 A5, A6, B5, B6 5, 7 CC6 7. Analyze a merchandisers multistep income statement. 16, 17, 18, 19*, 20 15, 16, 17*, 18, 19, 20 4, 5, 6 A4, A5, A6, B4, B5, B6 1, 2, 3, 5, 7 CC6 * Animated solution included in the PowerPoint Slides. CC6 is a continuing case that builds on the story of Nicoles Getaway Spa, introduced in earlier chapters. This case focuses on analyzing transactions and preparing journal entries. This case will be extended in future chapters. 6-1 Chapter 06 - Internal Control and Financial Reporting for Cash and Merchandise Sales Overview The operating cycle, internal controls, and financial reporting practices of the worlds largest retailer are investigated in this chapter. Students learn the central elements of a merchandisers operating cycle, the key control principles applied to cash transactions, the accounting procedures applied to sales transactions, and how to prepare and analyze a merchandisers income statement. Synopsis of Chapter Revisions New chapter opener New section and visuals applying control principles to cash transactions Revised Spotlight on Controls to reference granny fraud video Moved inventory purchasing to Chapter 7 Six new questions, seven new mini-exercises, two new exercises, three new problems, and three new cases One new continuing case PowerPoint Slides Student Learning Objective PowerPoint Slides 1. Distinguish among service, merchandising, and manufacturing operations. 6-1 through 6-5 2. Explain common principles and limitations of internal control. 6-6 through 6-9 3. Apply internal control principles to cash receipts and disbursements. 6-10 through 6-16 4. Perform the key control of reconciling cash to bank statements. 6-17 through 6-24 5. Explain the use of a perpetual inventory system as a control. 6-25 through 6-29 6. Analyze sales transactions under a perpetual inventory system. 6-30 through 6-39 7. Analyze a merchandisers multistep income statement. 6-40 through 6-42 Animated Builds and Animated Solutions PowerPoint Slides...
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Chap006 - Chapter 06 - Internal Control and Financial...

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