ShatanaBentley-AC301-IntermediateAccountingII-Reflection -...

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Reflection Shatana Bentley September 11, 2011 AC301: Intermediate Accounting II Professor Mary Dolan Adams Reflection The key concepts that have impacted me the most and have made me feel that I am a stronger candidate in the field of accounting would be classifications of inventory and liabilities. Both of these things have to do with parts of running a business successfully. By knowing exactly what each one is and how they are used is very important when working in the field of Accounting.
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Accounting for inventories is extremely important “because the purchase, manufacture, and sale of products are critical to the profitability of many companies” (Nikolai, Bazley, & Jones, 2010, p. 370). Most companies will use several different accounts to classify their inventory depending on the type of business that it is. Only one inventory account is actually needed which is usually called the merchandise inventory. When going into an Accounting job it will be important to find out exactly how that company accounts for its inventory and how they classify
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ShatanaBentley-AC301-IntermediateAccountingII-Reflection -...

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