Textbook Notes (368,986)
United States (206,150)
Accounting (36)
ACCT 2000 (6)
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Chapter 5

ACCT 2000 Chapter 5 Class Notes

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Department
Accounting
Course
ACCT 2000
Professor
All Professors
Semester
Fall

Description
Accounting 2000Chapter 5 Notes1 Identify the differences between a service company and a merchandising company2Explain the recording of purchases under a perpetual inventory system 3Explain the recording of sales revenues under a perpetual inventory system4Distinguish between a singlestep and a multiplestep income statement 5Determine cost of goods sold under a periodic system 6Explain the factors affecting profitability Merchandising Companies Buy and sell goods Primary source of revenue is Income Measurementis the totalcost of goods sold during the periodAccounting 2000Chapter 5 NotesOperating CyclesWhich generally takes more time
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