Accounting Assignment

Question Answer

Q- Distinguish between the single step income statements versus the multiple step income statement.

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Q- Describe the difference between perpetual and periodic inventory.

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Q- Share some examples of when a company might want to use lower of cost or market in valuing the inventory

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Q- What are the three different inventory cost flow assumptions commonly used in commerce and allowed by generally accepted accounting principles?

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Q- How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser?

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Write a 200- to 300-word paragraph answering the following questions:

•How would you calculate cost of goods sold?

•What items make up cost of goods sold?