ACTG 211 Study Guide - Midterm Guide: Income Statement, Whole Foods Market, Costco

• School: University of Oregon
• Department: Accounting
• Course: ACTG 211
• Professor: Brandt

Document Summary

Invoice date: seller, purchaser, order date / po, credit / freight terms, goods. Discounts / allowances + import tariffs + freight + storage + insurance. Internal controls: most companies take a physical count of inventory at least 1x/yr, when physical count doesn"t match the merch inventory account, an adjustment must be made. Overstated (cid:3002)(cid:3049)(cid:3032)(cid:3045)(cid:3028)(cid:3034)(cid:3032) (cid:3041)(cid:3049)(cid:3032)(cid:3041)(cid:3047)(cid:3042)(cid:3045);(cid:1874)(cid:1857)(cid:1870)(cid:1857) (cid:1866)(cid:1874)(cid:1857)(cid:1866)(cid:1872)(cid:1867)(cid:1870)= (cid:3003)(cid:3032)(cid:3034). (cid:3041)(cid:3049)+(cid:3041)(cid:3031). (cid:3041)(cid:3049: (cid:3004)(cid:3042)(cid:3046)(cid:3047) (cid:3042)(cid:3033) (cid:3042)(cid:3042)(cid:3031)(cid:3046) (cid:3020)(cid:3042)(cid:3039)(cid:3031) 2: shows how many times a company turns over its inventory during a period. Indicator of how well management is controlling amount of inventory: days" sales in inventory (cid:3004)(cid:3042)(cid:3046)(cid:3047) (cid:3042)(cid:3033) (cid:3042)(cid:3042)(cid:3031)(cid:3046) (cid:3020)(cid:3042)(cid:3039)(cid:3031) 3(cid:888)(cid:887) (cid:3041)(cid:3031). (cid:3041)(cid:3049) sales, reveals how much inventory is available in terms of # of days". Installment accounts receivable: amounts owed by customers from credit sales for which payment is required in periodic amounts over extended time period. Customer is usually charged interest, which is the cost for the use of money over time: valuing accounts receivable, some customers may not pay their account.