help help

· 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