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ACCTG4A, wk 5 notes

by: Zoua Thao

ACCTG4A, wk 5 notes 17401

Zoua Thao

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About this Document

Key terms
Accounting 4a
Monique Kelley
Class Notes




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This 1 page Class Notes was uploaded by Zoua Thao on Sunday September 25, 2016. The Class Notes belongs to 17401 at Fresno City College taught by Monique Kelley in Fall 2016. Since its upload, it has received 7 views. For similar materials see Accounting 4a in Business Administration at Fresno City College.


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Date Created: 09/25/16
Accounting for Merchandising Operations Perpetual Inventory vs. Periodic Inventory Systems Key terms: Merchandisers (also known as wholesalers or retailers) – buys and sells products  FOB destination (Free On Board) – seller pays for shipping charges (usually called delivery expense); title of ownership  occurs when products arrive to destination of the buyer FOB shipping point (also known as fob factory) – buyer pays for shipping charges (also called as transportation­in or freight­ in); title of ownership occurs when products leave the seller COGS (cost of goods sold or cost or sales) – is an expense account related to the cost incurred while buying and preparing for  merchandise for sale Sales (also known as sales revenue) – revenues from selling products Perpetual inventory system – continual upkeep of accounting records for transactions and inventory Periodic inventory system – updates accounting records for merchandise transactions and inventory only at the end of a  period Hybrid system – where perpetual system is used for tracking inventory and access detailed information on sale cost or trends,  and utilizes periodic system to compute the cost of sales  Supplementary or Supplemental records – information that is not included in the usual general ledger accounts


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