TAILIEUCHUNG - Lecture Financial accounting (10th edition): Chapter 7 - Pratt, Peters

Chapter 7 - Merchandise inventory. In this chapter students will be able to: List the four important issues that must be addressed when accounting for inventory, and briefly describe how inventory valuation affects earnings; describe how to decide which costs to capitalize in the inventory account;. | 2 Chapter 7: Merchandise Inventory 2 3 Learning Objective 1 List the four important issues that must be addressed when accounting for inventory, and briefly describe how inventory valuation affects earnings. 4 Merchandise Inventory What is inventory? Items held for resale to customers Who has inventory? Wholesaler or Retailer Merchandise Inventory Manufacturer Raw Materials Work in Process Finished Goods 5 The Relative Size of Inventories 6 Four Important Inventory Issues Acquiring inventory: What costs to capitalize? Carrying Inventory: Perpetual vs. Periodic? Selling inventory: Which cost flow assumption? Ending inventory: Lower-of-cost-or-market valuation. 7 Figure 7-2 Accounting for Inventory: Four Important Issues 8 Items should be included in the company’s inventory if they are: a. being used in the production of income. b. held in anticipation of an increase in value. c. being held for sale. d. sold during the period. 9 Which one of the following companies would likely carry .

• Kế toán - Kiểm toán
• Financial accounting
• Lecture Financial accounting
• Kế toán tài chính
• Financial statements
• Merchandise inventory
• Acquiring inventory
• Issues in financial accounting
• Accounting standards
• Financial reporting
• Financial Accounting Standards Board
• Fundamental financial accounting
• Lecture Fundamental financial accounting concepts
• Financial statement
• Accounting cycle
• Accounting for accruals
• Accounting system
• Accounting activities
• Financial accounting practice
• Accounting information system
• Accounting terminology
• Reporting financial results
• Evaluating liquidity
• Business firms
• The financial reporting reform
• Accounting information
• Management accounting
• Accounting equation
• Accounting systems
• Decision making
• External financial reporting
• Accounting for business
• Lecture Accounting for business
• Financial accounting reports
• Statement of financial performance
• Accrual accounting systems
• Statement of financial position
• Mastering financial accounting essentials
• Financial accounting essentials
• Accrual accounting
• Income statement
• Accounting conventions
• Internal control
• Accounting for cash
• Accounting for receivables
• Computing uncollectible accounts expense
• Long term debt
• Accounting for long term debt
• Paper F3
• Revision kit 2016
• Accounting Financial
• Accounting Financial Review
• Financial Review accounting exam
• Study text 2016
• Language of business
• Double entry accounting system
• Credit terminology
• Merchandising businesses
• Accounting for merchandising businesses
• Accounting for inventories
• Cash discounts
• The accounting cycle
• International financial reporting standards
• Completing the accounting cycle
• Accounting worksheet
• Classified balance sheet