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Acct Exam 3

Chapters 8, 9, & 12

TermDefinition
Product Cost costs necessary to acquire inventory (Ex. sales tax, shipping charges)
Period Cost Costs incurred to generate revenue in current period (Ex. salaries, utilities, shipping )
Product cost- Journal Entry Inventory xx Cash, Acct Pay xx
Period cost- Journal Entry Shipping Exp xx Cash xxx
Free On-Board Shipping Point ownership passes to buyer when merchandise is delivered to shipping company
Free On-Board Destination ownership passes to buyer when merchandise is delivered to buyer
Effect of cost flow assumptions on financial statements (assuming prices are increasing) Inc Stmt-> COGS -> FIFO= Higher NI -> LIFO= Lower NI Bal Sheet-> INV-> FIFO= Higher Assets-> LIFO=Higher Assets
Write-Down is Common-Journal Entry FIFO or AVG Cost COGS xx INV xx
Write-Down is Unusual- Journal Entry FIFO or AVG Cost Loss on INV xx INV xx
"Loss of utility" the value of inventory < the cost of inventory
inventory write-down- Journal Entry COGS xx INV xx
Net Realizable Value (NRV) estimated selling price - selling exp (not COGS)
Accounting for Changes in Accounting Method Journal Entries COGS inc; INV dec COGS dec; INV inc RE xx INV xx INV xx RE xx
Price of Bonds PV of FV + PV of interest pmt
Compute PV of FV Table 2 i = market interest rate per interest period (Ex. 8% / 2 = 4%) n = the # of interest periods in the term of the bond ( Ex. 3 yr x 2)
Compute PV of Interest Table 4 i = market interest rate per interest period (Ex. 8% / 2 = 4%) n = the # of interest periods in the term of the bond ( Ex. 3 yr x 2)
Semi-annual interest FV of bond x stated rate x 6/12
Interest Rev (Inv in Bond - Disc on bond) x market rate x 6/12
Held-To-Maturity On Bal Sheet-> cost; Unrealized gains/losses-> not recognized
Trading On Bal Sheet-> FV; Unrealized gains/losses -> NI
Available-For-Sale On Bal Sheet-> FV; Unrealized gains/losses-> OCI
AFS- Reclassification (Journal Entries) Unrealized Gain Loss on Inv (unreal, OCI) xx Gain on Inv (real NI) xx
AFS- Reclassification (Journal Entries) Unrealized Loss Loss on Inv (real, NI) xx Gain on Inv (unreal, OCI) xx
No Significant Influence < 20% FV through NI
Significant Influence 20% - 50% Equity Method
Equity Securites Journal Entries - Purchase (Equity Method) Inv in equity Affiliate xx Cash xx
Equity Securites Journal Entries - Purchase (FV -> NI) Inv in equity Securities xx Cash xx
Equity Securites Journal Entries - Dividends (Equity Method) Cash xx Inv in equity Affiliate xx
Equity Securites Journal Entries - Dividends (FV -> NI) Cash xx Dividend Rev xx
Equity Securites Journal Entries - FV Adj (Equity Method) no adj to FV
Equity Securites Journal Entries - FV Adj (FV -> NI) FV adj xx gain (Unreal, NI) xx
Equity Securites Journal Entries - Net Income (Equity Method) Inv in equity Affiliate xx Inv Rev xx
Equity Securites Journal Entries - Net Income (FV -> NI) not recorded
Created by: Andreab11
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