成都理工大学会计英语5.pptxVIP

ACCOUNTING 会计英语 主讲教师：朱靖;Accounting for Merchandising Operations;Identify the differences between service and merchandising companies. Explain the recording of purchases under a perpetual inventory system. Explain the recording of sales revenues under a perpetual inventory system. Explain the steps in the accounting cycle for a merchandising company. Distinguish between a multiple-step and a single-step income statement. Explain the computation and importance of gross profit. Determine cost of goods sold under a periodic system.;;;Merchandising Operations;The operating cycle of a merchandising company ordinarily is longer than that of a service company.;Features:;Features:;Made using cash or credit (on account). Normally recorded when goods are received. Purchase invoice should support each credit purchase.;;;Terms FOB shipping point - seller places goods Free On Board the carrier, and buyer pays freight costs. FOB destination - seller places the goods Free On Board to the buyer’s place of business, and seller pays freight costs.;;Purchaser may be dissatisfied because goods damaged or defective, of inferior quality, or do not meet specifications.;In a perpetual inventory system, a return of defective merchandise by a purchaser is recorded by crediting: Purchases Purchase Returns Purchase Allowance Merchandise Inventory;;Credit terms may permit buyer to claim a cash discount for prompt payment. Advantages: Purchaser saves money. Seller shortens the operating cycle.;Purchase Discounts Terms;;;Should discounts be taken when offered?;$25,000;Made for cash or credit (on account). Normally recorded when earned, usually when goods transfer from seller to buyer. Sales invoice should support each credit