QMS 102 Study Guide - Midterm Guide: Mexican Peso, Accrual

• School: Ryerson University
• Department: Quantitative Methods
• Course: QMS 102
• Professor: Armand Gervais

Document Summary

Liability: owed to outside parties, due at a future date, paid in cash or goods in service, current: obligations that are to be settled within a year of the b. s. date, long term: obligations that are to be settled beyond one year of the b. s. date. Source documents: purchase invoice, sales invoice, payroll records, cash register tape, cheques, shipping documents. Steps in the accounting cycle: collect + analyze info, journalize transactions, post je"s to general ledger, records + post aje"s, prepard fiancial statements, close the accounts. Steps to determine how much needs to be paid: determine cost accounts payment amount (go back to original entry + deduct and returns) (cid:222) (cid:222) (cid:222) (cid:222) (cid:222) (cid:222, determine what the last date to take the discount was (add # of days to the day that the original shipment was received, determine the amount you must pay supplier.