Question: I need a study guide mostly of formulas and in tables. Bus 201 A - Principles of Accounting - Midterm Two Review Sheet 1. Calculations
Bus 201 A - Principles of Accounting - Midterm Two Review Sheet 1. Calculations Sales Discounts a. e. Inventory Turnover Ratio Gross Margin b. Purchase Discounts f. Net Sales Acid Test Ratio h. d. Ending Inventory Days Sales Uncollected 2. Merchandizing Operating and Reporting and Analyzing Inventory a Record entries for the perpetual and periodic inventory system b. Calculate COGS c. Compute and interpret Inventory costing methods (LIFO, LIFO, Weighted Average, Inventory Turnover) d. Sales Returns and Allowances c. Purchase Returns and Allowances f. Identify FOB Destination and FOB Shipping Point g. Prepare a multi-step income statement 3. Fraud internal controls and Cash a. Define Fraud and identify internal control methods b. Prepare a bank reconciliation c. Prepare entries for Petty Cash (establish, reimburse, increase)
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