Task Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University Lesson 7 Merchandise Inventories and Cost of Sales Self-Test I. True and False Questions 1. The inventory of a merchandising company may include manufactured products, but not perishable products such as fruits and vegetables

Task Team of FUNDAMENTAL ACCOUntING hool of Business, Sun Y at-sen University Lesson notes Lesson 3: Analyzing and Recording Accounting transactions Learning objectives Provide the students with a background of the accounting process to better understand the numbers on the financial statements Define the economic transactions and

Task Team of FUNDAMENTAL ACCOUntING hool of Business, Sun Y at-sen University Lesson notes Lesson 2: Economic Transactions and Accounting Equation Learning objectives This lesson begins with a discussion of the purpose of a business, including a discussion of forms of organizations. Next, the nature of

Task Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University Lesson 13 Managerial Accounting I: Concepts and Principles Exercise 1. Sunny Brockman has developed a new device that is so exciting he is considering quitting his job in order to produce and market it on a large-scale basis. Sunny will rent a garage for $1000 per

Analyzing and Recording Accounting Transactions Self-Test Multiple Choices 1. The term credit means: A. to increase. B. to decrease. C. the left side of an account D. the right side of an account 2. Which of the following is a group of accounts in that all normally have a debit balance?

1. The ownership structure of a business includes the following forms: A. Individual, group, corporate. B. Sole proprietorship, partnership, or corporation D. Debtors, creditors, and ownesancia C. Service, manufacturing, and financial. 2. Which of the following is NOT true concerning a sole proprietorship? A. A sole proprietorship is a company

1.Lacy Leggs Lingerie had the following petty cash transactions in April of the current year: April 1 Wrote a $500 check, cashed it, and gave the proceeds to Kate Small, the petty cashier. 5 Purchased gift-wrapping paper, $30.30 8 Paid $49.00 COD shipping charges on teddies purchased for resale, terms FOB shipping

Lesson7 Merchandise Inventories and Cost ofSales Exercise Calculation and Analyzing Problems 1. The perpetual inventory records of LIBY HOUSEHOLD show 150 units of a particular producton hand, acquired at the following dates and costs: Purchase Date Quantity Unit Cost Total Cost

1. What are the possible decisions that can be made with the use of financial analysis? Answer: Share investment decisions. This includes whether to invest in shares and the type of share (common, preferred). Lending decisions. This includes whether to purchase retractable preferred shares, issue mortgages, buy corporate bonds on the open market, operating line of credit

Lesson 6 Accounting for Merchandising Activities Exercise Calculation and Analysis Problems 1. OSu Co. is an office-supply store. The company uses a perpetual inventory system, records purchases at net cost, and records sales revenue at full invoice price. Record the following transactions in the company's general journal