ACC 100 Study Guide - Midterm Guide: Weighted Arithmetic Mean, Subledger, Accounts Receivable

• School: Ryerson University
• Department: Accounting
• Course: ACC 100
• Professor: Julie Mc Donald

Document Summary

Questions: 1, 3, 5, 7 (but change from lifo to wa), 11. Note: in the afda, a debit balance is "+" and a credit balance is a "-" Below are listed additional theory questions that you may wish to consider while studying for the final exam. Remember that these theory questions are not a total list of all theory questions that may show up on the final exam. However, they may help you to tackle the 50% theory that will be on the final exam. Why is the matching principle important when considering the recognition of expenses: matching principle: the revenues for the period are associated with the costs of generating those revenues. (expenses follow revenues) Give an example of a company that would use the periodic inventory system and explain why: perpetual, detailed records of the cost of each inventory purchase and sale are maintained.