TAILIEUCHUNG - Lecture Financial accounting (9th Edition): Chapter 5 - Weygandt, Kieso, Kimmel

Chapter 5 - Accounting for merchandising operations. The following will be discussed in this chapter: Identify the differences between service and merchandising companies, explain the recording of purchases under a perpetual inventory system, explain the recording of sales revenues under a perpetual inventory system. | Preview of Chapter 5 Financial Accounting Ninth Edition Weygandt Kimmel Kieso Learning Objectives After studying this chapter, you should be able to: [1] Identify the differences between a service and merchandising companies. [2] Explain the recording of purchases under a perpetual inventory system. [3] Explain the recording of sales revenues under a perpetual inventory system. [4] Explain the steps in the accounting cycle for a merchandising company. [5] Distinguish between a multiple-step and a single-step income statement. 5 Accounting for Merchandising Operations Merchandising Companies Buy and Sell Goods Wholesaler Consumer The primary source of revenues is referred to as sales revenue or sales. Retailer Merchandising Operations LO 1 Income Measurement Cost of goods sold is the total cost of merchandise sold during the period. Not used in a Service business. Net Income (Loss) Less Less Equals Equals Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Illustration 5-1 Income measurement process for a merchandising company Merchandising Operations LO 1 The operating cycle of a merchandising company ordinarily is longer than that of a service company. Illustration 5-2 Operating Cycles Merchandising Operations Illustration 5-3 LO 1 Flow of Costs Companies use one of two systems to account for inventory: a perpetual inventory system or a periodic inventory system. Illustration 5-4 Merchandising Operations LO 1 Perpetual System Maintain detailed records of the cost of each inventory purchase and sale. Records continuously show inventory that should be on hand for every item. Company determines cost of goods sold each time a sale occurs. Flow of Costs Merchandising Operations LO 1 Beginning inventory $ 100,000 Add: Purchases, net 800,000 Goods available for sale 900,000 Less: Ending inventory 125,000 Cost of goods sold $ 775,000 LO 1 Merchandising Operations Periodic System Flow of Costs Do not keep detailed records of the goods on hand. A physical .

• Kế toán - Kiểm toán
• Merchandising operations
• Merchandising companies
• Inventory system
• Financial accounting
• Lecture Financial accounting
• Kế toán tài chính
• Accounting principles
• Lecture Accounting principles
• Financial reporting
• Accounting for merchandising operations
• Merchandising company
• Managerial accounting
• Financial and managerial accounting
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Merchandise operations
• Accounting for merchandise operations
• Merchandising activities
• Perpetual inventory system
• A merchandising company
• Accounting information
• Accounting cycle
• Accounting for receivables
• The recording process
• Principles of financial accounting
• Service companies
• Reporting income
• Business decision
• Multiple step income statement
• Lecture Principles of financial accounting
• Bài giảng Nguyên lý kế toán tài chính
• Periodic inventory system
• The gross profit margin
• Lecture Financial and managerial accounting
• Financial statements
• Managerial decisions
• Accounting system
• Analyzing merchandising operations
• Cost of merchandise purchased
• Principles of accounting
• Lecture Principles of accounting
• Nguyên lý kế toán
• Merchandising income statement
• Accounting formerchandising operations
• The differences between service
• A perpetual inventory system