106Exm2Review[1]

106Exm2Review[1] - 16. Merchandise inventory 17. Cost of...

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ACCT106 Exam 2 Review Wild 19 th . Ed. Students should study these topics to prepare for Exam 2: 1. Income summary account 2. Recording closing entries 3. Closing income summary 4. Temporary and permanent accounts 5. Post closing trial balance 6. Adjusting entries 7. Classified balance sheet 8. Inventory shrinkage 9. Net sales 10. Record transactions for merchandise sales using a perpetual system 11. Purchase discounts, purchase returns and allowances 12. Sales returns and allowances 13. Record payment of account payable 14. Gross profit margin 15. Acid-test ratio
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Unformatted text preview: 16. Merchandise inventory 17. Cost of goods sold 18. Multiple-step income statements 19. Sales discounts 20. Damaged and obsolete goods 21. Goods and transit 22. Internal controls 23. Inventory shrinkage 24. FIFO method, LIFO method, and Weighted-average method 25. Consistency concept 26. Inventory turnover ratio 27. lower of cost or market (LCM) 28. sales journal 29. subsidiary ledger 30. Accounts receivable ledger/accounts payable ledger 31. deposits in transit/outstanding checks 32. NSF check 33. prepare a bank reconciliation...
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This note was uploaded on 08/29/2011 for the course ACCT 106 taught by Professor A during the Spring '11 term at Ohio State.

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