ACCOUNTING FOR MERCHANDISING BUSINESSES
1. Merchandising businesses acquire merchandise for resale to customers. It is the
selling of merchandise, instead of a service,
that makes the activities of a merchandising
BUS 120: Financial Accounting
Extra Credit AssignmentChapter 10
1. Identify Home Depots long-term liabilities and the amounts for those liabilities from Home
Depots balance sheet at February 2, 2014.
Long-Term Debt, excluding current installments - $14,69
Exam 3 Test Prep
Process manufacturing is the part of the production process that physically or chemically
Assembly process is the part of the production process that puts together components.
Continuous process is a produ
Exam 1 Test Prep
Factors of Production:
1. Land Land and other natural resources are used to make homes, cars, and other
2. Labor People have always been an important resource in producing goods and
services, but many people are now
Exam 2 Test Prep
Sole proprietorship is a business that is owned and usually managed, by one person.
Advantages: ease of starting and ending the business, being your own boss, pride of
ownership, leaving a legacy, retention of company profits
1. Who is Mary Jo White?
=Mary Jo White is the woman who makes Wall Street Admit Guilt (Sheelah
Kolhatkar). Also she is the 31st and current Chairwoman of the Securities and
Exchange Commission. She was the first woman to be United States Attorney for the
1. The author asks a handful of investment advisers for recommendations on one mutual fund or
exchange traded fund (ETF) for a hypothetical new graduate with $10,000 to invest. What is the
difference between a mutual fund and an ETF?
Exchange traded funds
1. 10 Ways to Avoid an Audit
a. Choose an experienced and reputable tax preparer to minimize your personal risk of
being audited due to errors or misconduct on the part of the preparer
b. Be honest and report all of your income based on applicable W-2s, 1
1. Katie is having trouble obtaining credit because she has a limited personal credit history. She
avoided student loans and made her purchases using a debit card and checking account. Her
avoidance of credit products left her with no way to verify her cr
January, February, and March 2012
Total for the first quarter
Chapter 20 - Master Budgets and Performance Planning
Quick Study 20-10 (10 minutes)
For Month Ended June 30
Prior months unit sales.
Plus 5% growth in unit sales.
Projected June sales (units).
Selling price per unit.