TAILIEUCHUNG - Lecture Survey of accounting (3/e) - Chapter 5: Accounting for receivables and inventory cost flow

In this chapter, you will be able to: Explain how the allowance method of accounting for uncollectible accounts affects financial statements, use the percent of revenue method to estimate the uncollectible accounts expense, use the percent of receivables method to estimate the uncollectible accounts expense,. | McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 5: Accounting for Receivables and Inventory Cost Flow Learning Objectives Explain how the allowance method of accounting for uncollectible accounts affects financial statements. Determine uncollectible accounts expense using the percent of revenue method. Determine uncollectible accounts expense using the percent of receivables method. Explain how accounting for notes receivable affects financial statements. Explain how accounting for credit card sales affects financial statements. Explain how different inventory cost flow methods (specific identification, FIFO, LIFO, and weighted average) affect financial statements. The learning objectives for Chapter 5 include: Explain how the allowance method of accounting for uncollectible accounts affects financial statements. Determine uncollectible accounts expense using the percent of revenue method. Determine uncollectible accounts expense