New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Study Guide for Chapters 4, 5, 6

by: WhitneyG20

Study Guide for Chapters 4, 5, 6 Financial Accounting

GPA 3.0
Financial Accounting
Dr. Richard Callahan

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Study Guide for Chapters 4, 5, 6. Good Luck and hope this helps!
Financial Accounting
Dr. Richard Callahan
Study Guide
50 ?




Popular in Financial Accounting

Popular in Accounting

This 2 page Study Guide was uploaded by WhitneyG20 on Friday October 9, 2015. The Study Guide belongs to Financial Accounting at Western Kentucky University taught by Dr. Richard Callahan in Summer 2015. Since its upload, it has received 29 views. For similar materials see Financial Accounting in Accounting at Western Kentucky University.

Similar to Financial Accounting at WKU

Popular in Accounting


Reviews for Study Guide for Chapters 4, 5, 6


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 10/09/15
ACCOUNTING 200 EXAM 2 REVIEW SHEET Shown below is a summary of the major items covered in Chapters 4 5 and 6 This list is not intended to be an allinclusive listing Cash Basis Accounting Method is NOT GAAP Accrual Basis Accounting is Required for External Financial Reports Revenue Recognition Principle recognize in month in which it is earned Expense Recognition Principle recognize expense in same time period as related revenue when expense is incurred or when something is used Why Adjustments are Needed Deferral Adjustments Prepaid Expenses and Deferred Revenue Accrual Adjustments Accrued Revenue and Accrued Expense Adjusted Trial Balance Year End Closing close all revenue expense and dividend accounts so new year begins with zero PostClosing Trial Balance Beginning balances for new year only balance sheet accounts are carried forward to new year MultipleStep Income Statement versus Single Step Income Statement Know definitions of Gross Profit and Income from Operations Perpetual Inventory System constant updating of inventory account 0 what is recorded at time of sale Periodic Inventory System inventory only updated at end of accounting period 0 what is recorded at time of sale How to calculate of Cost of Goods Sold if Periodic Svstem used Sales Transactions including 0 Sales Returns and Allowances 0 Sales Discounts Credit terms and how to calculate sales discount Net Sales and Contra Revenue Accounts Determine inventory quantities physical count Determine who owns it adjust physical count for any of following 0 Merchandise in Transit FOB Shipping Point versus FOB Destination 0 Inventory on Consignment Determine number of items available and number of items sold Calculation of Total Cost of Goods Available to Sell Who uses Specific Identification Inventory Method Calculation of Cost of Goods Sold and Cost of Ending Inventory using three different assumptions if specific identification method not practical FIFO oldest sold first newest in ending inventory LIFO newest sold first oldest in ending inventory Weighted Average total cost of goods availabletotal of units available


Buy Material

Are you sure you want to buy this material for

50 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Jennifer McGill UCSF Med School

"Selling my MCAT study guides and notes has been a great source of side revenue while I'm in school. Some months I'm making over $500! Plus, it makes me happy knowing that I'm helping future med students with their MCAT."

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.