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Accounting ll

Ch. 22 vocab

QuestionAnswer
Financial statements contain all information necessary to understand a business's financial conditions. Adequate disclosure
A merchandise inventory determined by counting, weighing, or measuring items of merchandise on hand. Periodic inventory
A merchandise inventory determined by keeping a continuous record of increases and decreases, and balance on hand. Perpetual inventory
Also referred to as a periodic inventory. Physical inventory
Also referred to as a perpetual inventory. Book inventory
A form used during a periodic inventory to record information about each item of merchandise on hand. Inventory record
A form used to show the kind of merchandise, quantity received, quantity sold, and balance on hand. Stock record
A file of stock records for all merchandise on hand. Stock ledger
The computer is connected to special cash registers. The terminals read the Universal Product Codes (UPC) marked on products. The product description and the sales price are retrieved form the stock ledger and displayed on the terminal. FYI – Point of Sale terminals
Using the price of merchandise purchased first to calculate the cost of merchandise is called the First-in, First-out inventory costing method. FIFO
Using the price of merchandise purchased last to calculate the cost of merchandise sold first is called the Last-in, First-out inventory costing method. LIFO
Revenue form business activities and expenses associated with earning that revenue are recorded in the same accounting period. Matching Expenses with Revenue
The latest purchases are assumed to be sold first. Therefore, ending inventory consists of the units purchased the earliest, and the earliest purchase invoice cost are used to value the ending inventory. FYI – Ending Inventory for LIFO
Using the average cost of beginning inventory plus merchandise purchased during a fiscal period to calculate the cost of merchandise sold. Weighted-Average inventory
A business usually determines the order in which products are sold based on the type of inventory. A grocery store-earliest purchases first. A hardware store-most recent purchases first. FYI – Determining order of products sold
Net income is highest. FYI – Net Income FIFO
Net income is lowest. FYI – Net Income LIFO
Net income is intermediate. FYI – Net Income Weighted-average
The same accounting procedures are followed in the same way in each accounting period. Consistent Reporting
Estimating inventory by using the previous year's percentage of gross profit on operations. Gross Profit Method
Actual net sales and net purchases amounts are obtained from the general ledger. The beginning inventory amount is obtained from the prior period's financial statements. The gross profit percentage is estimated by management. FYI - 4 Values needed GPM – year
Net sales and net purchases amounts are obtained from the general ledger. The amount of sales for the current month. The amount of purchases for the current month. FYI – 4 Values needed GPM - month
Created by: mmincy