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topics covered by Midterm 2

topics covered by Midterm 2 - under four inventory costing...

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Midterm 2 BUSACC 0030 Chapter 5 1. Players in the accounting communication process: management, independent auditors, financial analysts, government regulators, users 2. The disclosure process: press release, quarterly reports, annual reports, 3. Classified balance sheet 4. Classified income statement: calculation of income following the format of the classified income statement 5. EPS 6. ROE analysis Chapter 6 1. Calculation of sales revenue, credit card discounts, sales discounts, sales returns and allowance, and net sales 2. Ratios: gross profit percentage, accounts receivable turnover ratio 3. Calculation of bad debt expense using percentage of credit sale methods and aging of accounts receivable method 4. Journal entries for bad debt expense and bad debt write-off 5. Bank reconciliation and the associated journal entries Chapter 7 1. Relation between ending inventory and cost of goods sold: Beginning inventory + Purchases – Ending inventory = Cost of goods sold 2. Cost of goods sold, ending inventory, gross profit, pretax income, income tax and net income
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Unformatted text preview: under four inventory costing methods: FIFI, LIFO, weighted average cost, and specific identification 3. The different effect of FIFI, LIFO and weighted average cost on Cost of goods sold, ending inventory, gross profit, pretax income, income tax and net income in periods of inflation and deflation 4. Lower of cost or market 5. Inventory turnover ratio 6. The effect of errors in measuring inventory on income statement and balance sheet Chapter 8 1. Acquisition cost of tangible assets 2. Capital expenditure and revenue expenditure 3. Depreciation expense, accumulative depreciation and book value of long-term assets each year under three depreciation methods: straight-line, units of production, and double-declining-balance 4. The effects of each depreciation method on depreciation expense, net income and total assets 5. disposal of long-term tangible assets 6. Intangible assets and amortization...
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