Outline Merchandising activities Operating cycle of merchandising companies Merchandising cost accounts Inventory systems Merchandise purchases Sales transactions Adjusting and closing entries Task Team of FUNDAMENTAL
1. The branch of accounting which aims at serving external users is called 2. a credit entry decreases asset and accounts or increases liability owner's equity, and revenue accounts
Task Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University Lesson 5 Completing the Accounting Cycle Self-Test Answer the following questions: 1. what are the four closing entries? 2. what is the purpose of income summary account?
Task Team of FUNDAMENTAL ACCOUntING hool of Business, Sun Y at-sen University Lesson 7 Merchandise Inventories and Cost of sales I. True and false Questions The inventory of a merchandising company may include manufactured products, but not
Task Team of FUNDAMENTAL ACCoUntIng School of Business Sun Yat-sen Universit Lesson 8 Accounting Information System Self-Test In the following choice, which is not the principle of accounting sytems? A. Cost-effective bal C. Internal control B. Effective reporting
Task Team of FUNDAMENTAL ACCOUntING hool of Business, Sun Y at-sen University Lesson 9 Financial Statements Self-Test 1. True or Fals 1) Financial statements are standard documents that tell us, in financial terms, how well a
ask Team of FUNDAMENTAL aCcoUnting School of Business Sun Yat-sen Universit Lesson 10 Understanding and Using financial Statements What type of analysis is indicated by the following? Percent Current assets
Task Team of FUNDAMENTAL ACCOUntING hool of Business, Sun Y at-sen University Understanding Accounting Standards es True and False Questions 1. Accounting standards are laws accountants should follow in their work
Task Team of FUNDAMENTAL ACCOUntING hool of Business, Sun Y at-sen University Lesson 12 Internal Controls and Business ethics Self-Test True or False 1. The accounts receivable subsidiary ledger controls the accounts receivable account in the genel
