Fundamental Principles of Accounting Information system A diagram of the accounting process Accounting System Components General Journal Transactions Computerized Accounting Information System
Outline Flow of inventory cost Items and costs of merchandising inventory Assigning costs to inventory Lower of cost or market Errors in measuring inventory Inventory estimating method
Reporting the Results of Operations Information about net income is used by investors, creditors, and other financial statement users. Normal, recurring Unusual, nonrecurring revenue and expense events that affect transactions
Plant assets Long-lived assets acquired for use in business operations. Similar to long-term prepaid expenses 田 As years pass, and the The cost of plant assets is services are used, the the advance purchase of cost is transferred to services。 depreciation expense Irwin/McGraw-hill