Review Exam 2 - • Freight in cost and freight out cost...

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33 multiple choice at 3 points a piece Journal Entries Contra Account o Purchases discount, purchase returns/allowances, sales discounts, sales returns/allowances CH 6 o Allowance for bad debts CH 8 Cost flow assumptions o Specific identification, FIFO, LIFO, average cost Ratios Inventory systems illustration 5-4 o Perpetual vs. Periodic
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Unformatted text preview: • Freight in cost and freight out cost • Multiple Step Income statement-know each step • Gross profit ratio • Profit margin ratio • System of internal control, examples • Control features: use of a bank, bank reconciliation • Direct write off vs. allowance method • Notes payable • Accrual of interest...
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  • Fall '07
  • Pearson
  • Generally Accepted Accounting Principles, gross profit ratio, profit margin ratio, Inventory systems illustration

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