Business Administration 2257 Lecture Notes - Barrick Gold, Income Statement, Interest Expense
1 Dec 2012
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Extraordinary items: all 3 criteria must be met. Discontinued items (see barrick gold corporation: operations, divisions. Unusual or infrequent items: does not meet all 3 criteria for ei, less stringent disclosure requirements. Loss on discontinued (not recurring factor that out of analysis) Explain the differences between periodic and perpetual inventory systems: periodic a small candy store, not cash register and have to hand count inventory cogs. = beginning inventory + purchases ending inventory: perpetual a large grocery store with a cash register , scan the bar codes and it automatically comes out of inventory. Point of sale terminals, bar codes and sku numbers, automatically dr cogs cr inventory. Apply inventory costing methods with a periodic system. Analyze the effects of different costing methods. Discuss additional topics on inventory: lower of cost and market method, accounting for errors and obsolescence. Inventory stuff and nonsense, biggest section on b/s. Types of entities anyone with products (manufacturers, etc. )
