LU3 : excluding Declining Balance Depreciation Method
19 important questions on LU3 : excluding Declining Balance Depreciation Method
Cost of Sales Expense
Perpetual Bookkeeping accounts
- Inventory
- Cost of Sales
- Employee Meals Expense
Cost of Sales account
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Perpetual Inventory Accounting
Periodic Bookkeeping Accounts
Cost of Sales Formula for the periodic Inventory System
+ Food Inventory purchases
= Food available for sale (during the month)
- Ending Food inventory (end of the month)
= Cost of Food Consumed (during the month)
(- any transfers or complimentary food?)
- Staff meals consumed (during the month)
= Cost of Food Sales for the month
Employee Meals Expense account
Employee Meals Credit
Periodic Inventory Accounting
- The inventory account, only the balance as of the beginning of the period.
- Cost of Sales account does not exist.
- Purchases account contains contains the toal purchases of the periode
Income Taxes Expense
Depreciation Expense account
Accumulated Depreciation account
2 most common financial methods of depreciating qualifying assets over their useful lives
- Straight-line method
- Declining balance method
Straight-line Depreciation method
Straight-line Depreciation Method formula
Optional Depreciation Computation Method
What is the purpose of Ratio Analysis for Managers?
What is the purpose of Ratio Analysis for Creditors?
What is the purpose of Ratio Analysis for Investors?
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