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Formula for growth profit

Two categories of different kinds of expenses for merchandizing companies

Cost of product

Cost of running the organization

Difference between Periodic and perpetual inventory system

Definitions

All steps

Income statement

Learn everything

3 parts

gross profit

operating expenses

2/10 net 30 (Ch 5)

what each represents

calculate what we learn in ch 8

returned allowances

how much they’ll receive ect

seller and purchaser

they ask what is the balance is

fob destination (Ch 5)

fob shipping point (Ch 5)

goods help unconcinement

why companies under perpetual inventory system have to take physical inventory

same for periodic

lifo/fifo (Ch 6)

ending 

costs of good sold

analysis

if prices are going up which has highest income fifo highest taxes

if prices are going down which has highest income lifo

fifo/lifo/weighted average

6 principles of internal control (ch 7?)

what does it do/what is the purpose

what do internal auditors do (ch 7)

what does it mean when employees are bonded

example for internal control (ch 7)

what is petty cash

what type of expenses are paid from petty cash

know how to do a balance per book and balance per bank

know different types of receivables

what does receivable mean

chapter 8

calculate what cash company receives after returns and discounts

why allowance for doubtful accounts are necessary; where each goes

allowance method and direct write off method 

estimate, write off, recovery 

aging account receivable

where are bad debt expenses and allowance for doubtful accounts

PxRxT equation