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Inventory Recording Systems

Inventory Recording Systems

Periodic inventory system
Perpetual inventory system

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Author acctaPosted on February 10, 2018Categories Financial Accounting Review

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Accounting Questions Video: Liability accounts have normal balances on the credit side [1]
Accounting Questions Video: Asset accounts have normal balances on the debit side [1]
Accounting Questions Video: Debit side and Credit side of a Journal Entry [1]
Journal Entry Review Questions 5
Journal Entry Review Questions 4
Journal Entry Review Questions 3
Journal Entry Review Questions 2
Journal Entry Review Questions 1
Cash dividend
Common stock
Borrowings
Sale of noncurrent assets
Depreciation
Purchase of noncurrent assets
Unearned revenue
Prepaid expenses
Accounts receivable
Merchandise transactions
Debits and credits
Treasury stock
Stock dividend
Cash dividend
Issuance of common stock
Repayment of bonds payable
Issuance of bonds payable
Income taxes payable
Salaries payable
Notes payable
Accounts payable
Goodwill
Sale of equipment
Depreciation
Purchase of equipment
Allowance for doubtful accounts
Notes receivable
Assets
Accrued revenue
Unearned revenue
Accrued expenses
Prepaid expenses
Gross profit
Cost of goods sold
Sale of merchandise
Purchase of merchandise
What does a journal entry look like when cash is paid?
What does a journal entry look like when cash is received?
When does a journal entry balance?
On which side do assets, liabilities, equity, revenues and expenses have normal balances?
Which transactions are recorded on the credit side of a journal entry?
Which transactions are recorded on the debit side of a journal entry?
What are the components of the accounting equation?
What are debits and credits?
What is a journal entry in accounting?
What are the key financial ratios to analyze the activity of an entity?
What are the key financial ratios for profitability analysis?
What are the key financial ratios used in business analysis?
What are the key financial ratios to analyze the activity of an entity?
What are the key financial ratios for profitability analysis?
What are the key financial ratios used in business analysis?
Owner’s Equity Journal Entry Example 21
Journal entries to record inventory transactions under a perpetual inventory system
Journal entries to record inventory transactions under a periodic inventory system
Property, plant and equipment (PP&E)
Noncurrent assets
Lower of Cost or Market (LCM)
Liabilities
Inventory Recording Systems
Inventory Analysis
Equity Transactions
Disposal of Property, Plant and Equipment
Depreciation Methods
Cost of Inventory
Cost Flow Assumptions
Classification of Inventory
Lower of Cost or Market (LCM)
Property, Plant and Equipment, ASC 360
Real Estate Sales, ASC 360
Intangibles Other than Goodwill, ASC 350
Derivatives and Hedging, ASC 815
Research and Development Arrangements, ASC 730
Research and Development, ASC 730
Nonmonetary Transactions, ASC 845
Interest, ASC 835
Imputation of Interest, ASC 835
Distinguishing Liabilities from Equity, ASC 480
Fair Value Measurements and Disclosures, ASC 820
List of updates to the codification topic 820
Exit or Disposal Cost Obligations, ASC 420
Website Development Costs, ASC 350
Defined Benefit Plans: Pension, ASC 715
Financial Instruments, ASC 825
Internal-Use Software, ASC 350
Costs of software to be sold, leased, or marketed, ASC 985
Revenue Recognition, ASC 605
Revenue Recognition: SEC Staff Accounting Bulletin Topic 13, ASC 605
Leases, ASC 840
Operating Leases, ASC 840
Sale-Leaseback Transactions, ASC 840
Sale of Financial Assets, ASC 860
Servicing Assets and Liabilities, ASC 860
Subsequent Events, ASC 855
Stock Dividends, Stock Splits, ASC 505
Treasury Stock, ASC 505
Foreign Currency Matters, ASC 830
Foreign Currency Transactions, ASC 830
Translation of Financial Statements, ASC 830
Contingencies, ASC 450
Loss Contingencies, ASC 450
Gain Contingencies, ASC 450
Consolidation, ASC 810
Consolidation, Noncontrolling Interests, ASC 810
Consolidation, Variable Interest Entities, ASC 810
Compensation: Stock Compensation, ASC 718
Capitalization of Interest, ASC 835
Capital Leases, ASC 840
Business Combinations, ASC 805
Asset Retirement and Environmental Obligations, ASC 410
Journal entry to record the collection of accounts receivable previously written-off
Journal entry to record the write-off of accounts receivable
Journal entry to record the estimated amount of accounts receivable that may be uncollectible
Journal entry to record the collection of accounts receivable
Goodwill and Other, ASC 350
Capitalized Advertising Costs, ASC 340
Inventory, ASC 330
Investments-Debt and Equity Securities, ASC 320
Transfers of Securities: Between Categories, ASC 320
Overview of Investments in Other Entities, ASC 320
Cost Method Investments, ASC 325
Equity Method, ASC 323
Investments: Equity Method and Joint Ventures, ASC 323
Investments in Debt and Equity Securities, ASC 320
Receivables, ASC 310
Notes Receivable
Accounts Receivable
Bank Reconciliation
Cash and Receivables
Journal entry to record the sale of merchandise on account
Interim Reporting, ASC 270
Earnings per Share, ASC 260
Accounting Changes and Error Corrections, ASC 250
Statement of Cash Flows, ASC 230
Income Statement, ASC 225
Income Statement, Extraordinary and Unusual Items, ASC 225
Presentation of Financial Statements, Discontinued Operations, ASC 205
Comprehensive Income, ASC 220
Balance Sheet, ASC 210
Offsetting, ASC 210
Presentation of Financial Statements, ASC 205
Codification of U.S. GAAP, ASC 105
Generally Accepted Accounting Principles, ASC 105
Journal entry to record the sale of merchandise in cash
Adjusting Entries
Accruals and Deferrals
Accrual Basis Accounting
Closing Journal Entries
Steps of Accounting Cycle
Accounting Equation
Debits and Credits
Accounting Journal Entries
Elements of Income Statement
Operating Expenses
Journal entry to record the purchase of merchandise
Nonoperating Income and Expenses
Net Income
Profitability and Activity Ratios
Multiple Step Income Statement Practice
Elements of Balance Sheet
Classified Balance Sheet
Classification of Assets
Classification of Liabilities
Journal entry to record the payment of rent
Components of Stockholders’ Equity
Liquidity and Solvency Ratios
Classified Balance Sheet Practice
The Objective of Accounting
Users of Accounting Information
Generally Accepted Accounting Principles (GAAP)
Characteristics of Useful Information
Assumptions of Financial Reporting
Types of Financial Statements
Journal entry to record the payment of salaries
Elements of Financial Statements
Forms of Business Organizations
Types of Business Activities
Extraordinary and Unusual Items, ASU 2015-01
Research and Development Costs
Journal entry to record the purchase of equipment
Journal entry to record the investment by owner

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