ACC 240 Lecture Notes - Lecture 9: Bank Statement, Net Income, Accounts Receivable

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17 May 2018
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Ending Inventory =
Beginning Inventory + purchases- COGS
Outstanding checks will _________ the balance per the _____ statement.
Increase the balance per the bank statement.
What Account usually has a credit balance?
Service Revenue.
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No adjusting entry should consist of a _______ to expense, and a ______ to revenue.
Debit, Credit
Sales and discounts when properly recorded will...
Reduce net sales
Revenue is recorded when...
The title and risks of ownership transfer to the buyer
What type of asset management produces the highest Cost of Goods Sold?
LIFO
If the ending inventory is overstated in the current year then...
Next year's beginning inventory will also be overstated.
True or False? Income tax expense will be higher under FIFO than under LIFO.
True
True or False? Net income will be higher under FIFO than under LIFO.
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Document Summary

Outstanding checks will _________ the balance per the _____ statement. No adjusting entry should consist of a _______ to expense, and a ______ to revenue. The title and risks of ownership transfer to the buyer. If the ending inventory is overstated in the current year then Next year"s beginning inventory will also be overstated. Income tax expense will be higher under fifo than under lifo. Net income will be higher under fifo than under lifo. Cost of goods sold will be lower under fifo than under lifo. Ending inventory will be lower under fifo than under lifo. If the current year"s ending inventory is understated. If the inventory at the end of the current year is understated and the error is never caught, the effect is to: Understate income this year and overstate income next year: an allowance for doubtful accounts is a contra-account that offsets, bad debt expense, cash. c. net income: accounts receivable, accounts receivable.

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