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Inventory Accounting: Cost Flow Assumptions, Valuation Methods & Internal Control Systems

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Finance - Personal Finance

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georgepetenjk Created by 10 mon ago

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Cards in this deck(35)
What system determines the cost of goods sold each time a sale is made?
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How does a purchase discount affect inventory when a buyer claims a cash discount for prompt payment?
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What does the credit term '2/10, n/30' mean?
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How do you calculate gross profit?
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Which cost flow assumption allocates the cost of the latest goods purchased to cost of goods sold first?
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How is the weighted average unit cost calculated?
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What are some of the insights disclosed in financial statements?
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How do you calculate the lower-of-cost-or-net realizable value?
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What is the formula for inventory turnover?
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What are the three elements of fraud?
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What are the purposes of internal control?
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What is the internal control principle of establishing responsibility?
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What is the internal control principle of segregation of duties?
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What is the internal control principle of documentation process?
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What is the internal control principle of independent internal verification?
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What is the internal control principle of human resource controls?
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Why is cash considered the most susceptible to fraud?
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What are deposits in transit?
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If a check is correctly written and paid by the bank for $491 but is incorrectly recorded on the company's books for $419, what is the appropriate treatment on the bank reconciliation?
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How do you calculate the adjusted cash balance?
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How do you calculate outstanding checks?
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How is cash reported in the current assets section?
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What is a notes receivable?
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What is the allowance for doubtful accounts?
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How do you calculate the estimated uncollectible amount?
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How is bad debt expense calculated?
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How is interest calculated on a note?
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How do you calculate the maturity value of a note?
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What does a debit balance in the allowance for doubtful accounts indicate?
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What does a high receivable turnover indicate?
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What does it mean if credit is too tight?
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What does it mean if credit is too loose?
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What are the five steps of managing receivables?
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What does the dishonor of notes mean?
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How does a write-off affect accounts?
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