Study+Guide++for++test2_fall11

Study+Guide++for++test2_fall11 - Test 2 Fall 2011 Study...

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Test 2 Fall 2011 Study Guide – unless an item was specifically eliminated during the announcements, it may be covered. Test is Wednesday, October 26 th from 5 to 7 pm in SHL 131 ALL STUDENTS MUST HAVE AN ID – NO EXCEPTIONS NO GRAPHING OR PROGRAMMABLE CALCULATORS, PENCILS NEEDED Chapter 5 Merchandising operations Operating cycle Perpetual Inventory system (sales and purchases) Entries for purchases, purchase discounts, returns, payments (perpetual) ALL THROUGH INVENTORY ACCOUNT Page 235 blue box Recording Sales of Merchandise – perpetual What is the difference between perpetual and periodic? Freight costs – buyer pays, seller pays – entry? Page 243 – Income statement – multi step - note – “other” catergorization– multiple step income statement – where does everything go and definition of each one Contra revenue accounts, Net sales calculation Cost of Goods Sold Gross Profit Net Sales All class examples, wiley plus homework, questions, brief exercises, class notes, vocabulary, concepts, etc.
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Chapter 6 Inventory Classifying inventory
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Study+Guide++for++test2_fall11 - Test 2 Fall 2011 Study...

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