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ACCT 2001 Introductory Financial Accounting Exam 2 (Belinda Henderson) questions and answers $10.99   Add to cart
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ACCT 2001 Introductory Financial Accounting Exam 2 (Belinda Henderson) questions and answers
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ACCT 2001 Introductory Financial Accounting Exam 2 (Belinda Henderson) questions and answers

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  • July 27, 2024
  • 13
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • acct 2001
  • acct 2001 introductory financial accounting
  • acct 2001 louisiana state university

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ACCT 2001 Introductory Financial Accounting Exam 2
(Belinda Henderson) questions and answers ACCT 2001 Introductory Financial Accounting Exam 2 (Belinda Henderson) questions and
answers
what type of companies buy and sell goods?
merchandising companies
what is the primary source of revenues for merchandising companies?
sales revenue
what are the two categories of expenses for merchandising companies?
cost of goods sold and operating expenses
what are the two systems companies used to account for inventory?
perpetual inventory system and periodic inventory system
maintain detailed records of the cost of each inventory purchase and sale, records continuously show inventory that should be on hands, company determines cost of goods sold every time a sale occurs
perpetual
do NOT keep detailed records of the goods on hand, cost of goods sold determined by count at the end of the accounting period
periodic
the _________ system provides better control over inventories than the _________ system
perpetual; periodic
can be made using cash or credit, normally recorded when goods are received, documents such as cash register tape or purchase invoice should support each credit purchase
recording purchases
indicate who is responsible for paying freight charges and who is responsible for risk of loss or
damage to the merchandise in transport

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