Shared Flashcard Set

Details

Title

Wiley CPA FAR 2012, Module 10: Inventory

Description

Inventory

Total Cards

Subject

Accounting

Level

Professional

Created

08/31/2012

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Additional Accounting Flashcards

Term

Net Method - Inventory - The balance in the purchase discounts lost account

Definition

Does not enter into the determination of COGS. Treated as period expense.

Term

Periodic Inventory Journal entry

Definition

Ending Inventory XX
CGS XX
Purchases XX
Beginning Inventory XX

Term

Perpetual Inventory Journal entry

Definition

CGS XX
Inventory XX

Term

Moving Average

Definition

Moving average may only be used w/ perpetual systems which account for changes in value w/ each change in inventory