- Information
- AI Chat
Ac210 test 2 in class review
Intro To Accounting (AC 210)
University of Alabama
Recommended for you
Preview text
AC210 Exam 2 Review NSF checks will increase the accounts receivable FIFO make you look better when prices are rising, LIFO makes it worse Sales revenue cost of goods sold Gross profit o LIFO gross profit lower o FIFO gross profit higher Perpetual is more expensive system o Superior because you know what sold at any point in time o Fixes things every time you scan produce o Count everything up and if it differs from computer shrinkage Periodic system o Count at end of the month o You know theft (shrinkage) If its not there you think you sold it Sales Revenue Discount Sales Returns Net Sales Rev Increase Allowance account estimate, decrease write off Allowance for doubtful accounts is not on income statement o Percentage of credit sales Aging method Write offs will not affect total assets or total equity Estimate o Debit bad debt expense o Credit allowance for doubtful accounts When you are the purchaser o Debit accounts payable o Credit inventory If a company returns an item to a supplier, the supplier will record the return as: o An increase in a account Which of the following is not a regular components of an annual report filed with SEC? o Managements report on internal controls o Auditors report o Banc rec company o Notes to the financial statements o discussion and analysis
Ac210 test 2 in class review
Course: Intro To Accounting (AC 210)
University: University of Alabama
This is a preview
Access to all documents
Get Unlimited Downloads
Improve your grades
