Business Administration 2257 Study Guide - Midterm Guide: Accrual, Bank Reconciliation, Bank Statement

• School: Western University
• Department: Business Administration
• Course: Business Administration 2257
• Professor: Richie Bloomfield

Document Summary

Inspect every account may be a hidden or overdue transaction (tax or wages outstanding) Bank loan (current portion payed, replenished) total interest calculate based on total owing. Ci(cid:396)(cid:272)le late deposits o(cid:396) outsta(cid:374)di(cid:374)g (cid:272)he(cid:395)ues (cid:374)ot listed i(cid:374) this (cid:373)o(cid:374)th"s (cid:271)a(cid:374)k state(cid:373)e(cid:374)t. Check off each cheque that appears in bank statement. Ci(cid:396)(cid:272)le (cid:272)he(cid:395)ues that do(cid:374)"t appea(cid:396) o(cid:374) (cid:271)a(cid:374)k state(cid:373)e(cid:374)t. Fob destination shipping responsibility assumed by seller (owned by seller) Fob shipping point shipping responsibility assumed by buyer (owned by buyer) Gross sales sales returns and allowances sales discounts = net sales. Sales revenue cogs = gross profit oe = profit (loss) before tax tax = profit. *note the date when ownership takes place or discount period starts. For each supplier: credit terms, dates, location, shipping terms, duty, discounts, returns. Specific id given # & cost of each type of inventory. Fifo- oldest inventory sold first, given total # remaining. Lower of cost & net realizable value record inventory at lower value.