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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