FOR NYANYA (ONLY) ACCT200 - Wk 3 DQ

READING/OBJECTIVES:

Ch 6 Inventories and Cost of Sales

This chapter emphasizes accounting for inventory. We describe methods for assigning costs to inventory and we explain the items and costs making up merchandise inventory. We also discuss methods of estimating and measuring inventory.

Ch 6 Inventories and Cost of Sales

Identify the items making up merchandise inventory. (p. 230)

Identify the costs of merchandise inventory. (p. 231)

Ch 8 Cash and Internal Controls

This chapter extends our study of accounting to internal control and the analysis of cash. We describe procedures that are good for internal control. We also explain the control of and the accounting for cash, including control features of banking activities.

Ch 8 Cash and Internal Controls

Define internal control and identify its purpose and principles. (p. 318)

Define cash and cash equivalents and explain how to report them. (p. 323)

DISCUSSION QUESTIONS a minimum of 200-250 words required: 

Chapter 6 Inventories and Cost of Sales

1. What is the purpose of inventory?

Chapter 8 Cash and Internal Controls

  3. Define and discuss Internal Controls.