AccountingBasics英语会计基本教学课件.pptxVIP

PASSIn Autumn 2011, students who regularly* attended PASS scored 11 marks higher on average than non-attending students. Students who did not attend PASS were also 5 times as likely to fail.There are still places available in the following PASS sessions. You do not need to enrol on Sols, just go to the session and add your name to the attendance sheet. *10 or more timesBMonday15:3019-G006DThursday9:3019-G006EThursday12:3019-2085FFriday12:3019-G007.au/student/services/passhttp://.au/student/services/.au/student/services/pass Accounting for retail operations * service business v merchandising business * perpetual v periodic inventory systems * purchase returns and allowances * freight costs * purchase discounts – discounts received * sales returns and allowances * sales discounts – discounts allowed * income statement presentationACCY901 A12Chapter 5LessSales revenueEqualsLessCost of goods soldGross profitEqualsOperating expensesProfit (loss)Merchandising operationsACCY901 A12Operating cyclesSERVICE BUSINESSMERCHANDISING BUSINESSACCY901 A12Inventory systemsPeriodic systemPerpetual systemACCY901 A12Inventory system in which detailed records are not maintainedCost of goods sold is determined only at end of accounting period by a physical inventory accountUsed widely by small businesses e.g. convenience stores, cafes.Detailed inventory system in which the cost of inventory is maintainedRecords continuously show the inventory that should be on hande.g. car dealerships, furniture storesUse of bar codes and optical scanners has led to wide usee.g. supermarkets, department storesRecording inventory purchasesUnder the PERIODIC system, purchases are recorded to the PURCHASES accountUnder the perpetual system, purchases are recorded to the INVENTORY accountDateAccountDebitCreditNov 1Inventory5,000 Accounts payable5,000(to record purchase of inventory on account)DateAccountDebitCreditNov 1Purchases5,000 Accounts payable5,000(to record purchase of inventory on account)ACCY901 A12