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Lecture Survey of accounting (3/e) - Chapter 3: Accounting for merchandising businesses

After you have mastered the material in this chapter, you will be able to: Record and report on inventory transactions using the perpetual system; show how transportation costs, cash discounts, returns and allowances, and inventory shrinkage affect financial statements; determine the amount of net sales;. | McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 3: Accounting for Merchandising Businesses Learning Objectives Identify and explain the primary features of the perpetual inventory system. Show the effects of inventory transactions on financial statements. Explain the meaning of terms used to describe transportation costs, cash discounts, returns or allowances, and financing costs. Explain how gains and losses differ from revenues and expenses. Compare and contrast single and multistep income statements. Show the effect of lost, damaged, or stolen inventory on the financial statements. Use common size financial statements to evaluate managerial performance. Identify the primary features of the periodic inventory system. (Appendix) The learning objectives in this chapter are: Identify and explain the primary features of the perpetual inventory system. Show the effects of inventory transactions on financial statements. Explain the . | McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 3: Accounting for Merchandising Businesses Learning Objectives Identify and explain the primary features of the perpetual inventory system. Show the effects of inventory transactions on financial statements. Explain the meaning of terms used to describe transportation costs, cash discounts, returns or allowances, and financing costs. Explain how gains and losses differ from revenues and expenses. Compare and contrast single and multistep income statements. Show the effect of lost, damaged, or stolen inventory on the financial statements. Use common size financial statements to evaluate managerial performance. Identify the primary features of the periodic inventory system. (Appendix) The learning objectives in this chapter are: Identify and explain the primary features of the perpetual inventory system. Show the effects of inventory transactions on financial statements. Explain the meaning of terms used to describe transportation costs, cash discounts, returns or allowances, and financing costs. Explain how gains and losses differ from revenues and expenses. Compare and contrast single and multistep income statements. Show the effect of lost, damaged, or stolen inventory on the financial statements. Use common size financial statements to evaluate managerial performance. Identify the primary features of the periodic inventory system. (Appendix) Merchandising Businesses Sale Merchandising businesses generate revenue by selling goods. The goods purchased for resale are called merchandise inventory. Merchandising businesses generate revenue by selling goods. The goods purchased for resale are called merchandise inventory. Product Costs Versus Selling and Administrative Costs Product Costs Costs that are included in inventory. Selling & Admin. Costs Costs that are not included in inventory. They are sometimes called period costs. All costs incurred to .