After you have mastered the material in this chapter you will be able to:
Identify and explain the primary features of the perpetual inventory system. |
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Record and report inventory transactions in the double-entry accounting system. |
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Explain the meaning of terms used to describe transportation costs, cash discounts, returns or allowances, and financing costs. |
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Compare and contrast single and multistep income statements. |
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Show the effect of lost, damaged, or stolen inventory on financial statements. |
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Use common size financial statements to evaluate managerial performance. |
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Use ratio analysis to evaluate managerial performance. |
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Identify the primary features of the periodic inventory system. (Appendix) |