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Financial Accounting Study Guide Chapter 5

by: Marissa McGinnis

Financial Accounting Study Guide Chapter 5 20261

Marketplace > Western Oregon University > General > 20261 > Financial Accounting Study Guide Chapter 5
Marissa McGinnis
Western Oregon University
GPA 4.0

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About this Document

Key concepts of Merchandising
Financial Acct
Prof Krislen-Adams
Study Guide
Accounting, business, merchandising
50 ?




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This 1 page Study Guide was uploaded by Marissa McGinnis on Wednesday February 10, 2016. The Study Guide belongs to 20261 at Western Oregon University taught by Prof Krislen-Adams in Winter 2016. Since its upload, it has received 28 views. For similar materials see Financial Acct in General at Western Oregon University.

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Date Created: 02/10/16
Financial Accounting Chapter 5 Study Guide 1. Describe the following vocabulary words: a. Inventory­ b. Cost of goods sold­ c. Sales­ d. Gross profit­ e. Perpetual system­ f. Cash discounts­ g. Sales discounts­ h. Sales returns and allowances­ i. FOB shipping point­ j. FOB destination­ k. Periodic system­ 2. If sales are at $50 and the cost of goods sold are at $20, what is the gross profit? 3. We received an invoice with the discount option of 2/10. If the original bill is $100, how  much would be discounted if paid within 10 days? 4. True or False a. Small. mom and pop stores use the perpetual system. b. Sales returns and allowances is a contra asset account. c. When recording a sales discount, you debit sales discounts and credit accounts  receivable.


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