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Lecture

Chapter 5-6 - Merchandising Companies.doc

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Department
Accounting
Course
ACC 100
Professor
Albert Ciorma
Semester
Spring

Description
CHAPTER 56RECORDING PURCHASES AND SALESLEARNING OBJECTIVES1Apply the revenue recognition principle MASTER2Apply the matching principle to recognize expenses MASTER3Describe the basic format and the content of the income statement UNDERSTAND4Identify the differences between service and merchandising companies SCAN5Prepare entries for purchases under a perpetual inventory system MASTER6Prepare entries for sales under a perpetual inventory systemMASTERCHAPTER OUTLINELearning Objective 1Apply the revenue recognition principleMASTERLearning Objective 2Apply the matching principle to recognize expenses MASTERLearning Objective 3Describe the basic format and the content of the income statement UNDERSTANDRead pages 204210 BEFORE NET SALES on page 210 in the textbookFinancial Accounting The Impact on Decision Makers Second Canadian Edition by Porter Norton ChesleySongBauld
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