100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ACCT 2001 Introductory Financial Accounting Exam 2 (Belinda Henderson) questions and answers $10.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Louisiana State University
  4.  
  5. ACCT 2001 Introductory Financial Accounting

Exam (elaborations)

ACCT 2001 Introductory Financial Accounting Exam 2 (Belinda Henderson) questions and answers
 8 views  0 purchase

ACCT 2001 Introductory Financial Accounting Exam 2 (Belinda Henderson) questions and answers

Preview 2 out of 13  pages

Document information

  • July 27, 2024
  • 13
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • acct 2001
  • acct 2001 introductory financial accounting
  • acct 2001 louisiana state university

Written for

All documents for this subject (2)

Seller

avatar-seller
smartzone

Reviews received

Content preview

ACCT 2001 Introductory Financial Accounting Exam 2
(Belinda Henderson) questions and answers ACCT 2001 Introductory Financial Accounting Exam 2 (Belinda Henderson) questions and
answers
what type of companies buy and sell goods?
merchandising companies
what is the primary source of revenues for merchandising companies?
sales revenue
what are the two categories of expenses for merchandising companies?
cost of goods sold and operating expenses
what are the two systems companies used to account for inventory?
perpetual inventory system and periodic inventory system
maintain detailed records of the cost of each inventory purchase and sale, records continuously show inventory that should be on hands, company determines cost of goods sold every time a sale occurs
perpetual
do NOT keep detailed records of the goods on hand, cost of goods sold determined by count at the end of the accounting period
periodic
the _________ system provides better control over inventories than the _________ system
perpetual; periodic
can be made using cash or credit, normally recorded when goods are received, documents such as cash register tape or purchase invoice should support each credit purchase
recording purchases
indicate who is responsible for paying freight charges and who is responsible for risk of loss or
damage to the merchandise in transport

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller smartzone. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67866 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.99
  • (0)
  Add to cart