FOB Destination Means

The supplier pays the shipping cost to the buyer's destination.

They buyer pays the shipping charge from the supplier's shipping point.

FOB Shipping Point Means

They buyer pays the shipping charge from the supplier's shipping point.

The supplier pays the shipping cost to the buyer's destination.

This method assumes that the most recent products added to a company's inventory have been sold first. The costs paid for those recent products are the ones used in the calculation.

This method assumes that goods purchased or produced first are sold first . In theory, this means the oldest inventory gets shipped out to customers before newer inventory

In this method you divide the total cost of goods purchased by the number of units available for sale . To find the cost of goods available for sale, you'll need the total amount of beginning inventory and recent purchases

This method assumes that goods purchased or produced first are sold first . In theory, this means the oldest inventory gets shipped out to customers before newer inventory

This method assumes that the most recent products added to a company's inventory have been sold first. The costs paid for those recent products are the ones used in the calculation.

In this method you divide the total cost of goods purchased by the number of units available for sale . To find the cost of goods available for sale, you'll need the total amount of beginning inventory and recent purchases

Weighted Average Method

In this method you divide the total cost of goods purchased by the number of units available for sale . To find the cost of goods available for sale, you'll need the total amount of beginning inventory and recent purchases

This method assumes that the most recent products added to a company's inventory have been sold first. The costs paid for those recent products are the ones used in the calculation.

This method assumes that goods purchased or produced first are sold first . In theory, this means the oldest inventory gets shipped out to customers before newer inventory

Specific Identification Method

This inventory valuation method is a system for tracking every single item in an inventory individually from the time it enters the inventory until the time it leaves it.

This method assumes that the most recent products added to a company's inventory have been sold first. The costs paid for those recent products are the ones used in the calculation.

In this method you divide the total cost of goods purchased by the number of units available for sale . To find the cost of goods available for sale, you'll need the total amount of beginning inventory and recent purchases

Straight-line Depreciation Method

Under this method, the same amount of depreciation is deducted from the value of an asset for every year of its useful life.

This method is an accelerated depreciation system of recording larger depreciation expenses during the earlier years of an asset's useful life while recording smaller depreciation during its later years and a percentage is used each year.

This method is an approach to accounting that involves depreciating certain assets at twice the rate outlined under straight-line depreciation . This results in depreciation being the highest in the first year of ownership and declining over time.

Declining-Balance Depreciation Method

This method is an accelerated depreciation system of recording larger depreciation expenses during the earlier years of an asset's useful life while recording smaller depreciation during its later years and a percentage is used each year.

Under this method, the same amount of depreciation is deducted from the value of an asset for every year of its useful life.

This method is an approach to accounting that involves depreciating certain assets at twice the rate outlined under straight-line depreciation . This results in depreciation being the highest in the first year of ownership and declining over time.

Double Declining-Balance Depreciation Method

This method is an approach to accounting that involves depreciating certain assets at twice the rate outlined under straight-line depreciation . This results in depreciation being the highest in the first year of ownership and declining over time.

Under this method, the same amount of depreciation is deducted from the value of an asset for every year of its useful life.

This method is an accelerated depreciation system of recording larger depreciation expenses during the earlier years of an asset's useful life while recording smaller depreciation during its later years and a percentage is used each year.

Voluntary business arrangement between 2 or more people.

A business owned by one person.

Disadvantages of a Partnership

Responsible for other partner's decisions.

Partnership Equal Basis

Total Profit=60,000 Each Partner Receives 30,000

Total Profit=60,000 2:1 Split One partner receives 40,000 and the other partner receives 20,000

Partnership Fractional Basis

Total Profit=60,000 2:1 Split One partner receives 40,000 and the other partner receives 20,000

Total Profit=60,000 Each Partner Receives 30,000

Partnership Capital Investment Basis

Total Profit=60,000 Partner A Invested 50,000 Partner B Invested 30,000 Partner A Receives 37,500 Partner B Receives 22,500

Total Profit=60,000 2:1 Split One partner receives 40,000 and the other partner receives 20,000

Estimating Uncollectible/Doubtful Accounts Percent of Sale Method

Method under which the amount of uncollectible accounts expense is determined by the analysis of the relationship between net credit sales and the prior year’s uncollectible accounts expense.

Method under which the amount of uncollectible accounts expense is determined by the analysis of the relationship between accounts receivable and the prior year’s uncollectible accounts in each late category.

Estimating Uncollectible/Doubtful Accounts Percent of A/R Method/Aging Method

Method under which the amount of uncollectible accounts expense is determined by the analysis of the relationship between accounts receivable and the prior year’s uncollectible accounts in each late category.

Method under which the amount of uncollectible accounts expense is determined by the analysis of the relationship between net credit sales and the prior year’s uncollectible accounts expense.

Perpetual Inventory System

A continuous accounting practice that records inventory changes in real-time, without the need for physical inventory, so the book inventory accurately shows the real stock .

As an accounting method, it takes inventory at the beginning of a period, adds new inventory purchases during the period, and deducts ending inventory to derive the cost of goods sold (COGS).

Periodic Inventory System

As an accounting method, it takes inventory at the beginning of a period, adds new inventory purchases during the period, and deducts ending inventory to derive the cost of goods sold (COGS).

A continuous accounting practice that records inventory changes in real-time, without the need for physical inventory, so the book inventory accurately shows the real stock .

Region Review

Authored by Carlos Galvan

Other

12th Grade

Used 3+ times

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31 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Contra Asset with a Credit Increase Side

Allowance for Uncollectible Accounts

Change Fund

Notes Receivable

Interest Receivable

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Contra Asset with a Credit Increase Side

Accumulated Depreciation-Any Type

Change Fund

Notes Receivable

Interest Receivable

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Asset with a Debit Increase Side

Accumulated Depreciation-Any Type

Change Fund

Notes Receivable

Interest Receivable

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Asset with a Debit Increase Side

Accumulated Depreciation-Any Type

Allowance for Uncollectible Accounts

Notes Payable

Interest Receivable

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Contra Liability with a Debit Increase Side

Accumulated Depreciation-Any Type

Allowance for Uncollectible Accounts

Notes Payable

Discount on Notes Payable

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Liability with a Credit Increase Side

Accumulated Depreciation-Any Type

Allowance for Uncollectible Accounts

Notes Payable

Discount on Notes Payable

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Book Value of Accounts Receivable

A/R-Allowance for Uncollectible Accounts

A/R Balance

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Region Review

Contra Asset with a Credit Increase Side

Contra Asset with a Credit Increase Side

Asset with a Debit Increase Side

Asset with a Debit Increase Side

Contra Liability with a Debit Increase Side

Liability with a Credit Increase Side

Book Value of Accounts Receivable

Current Assets

Current Assets

Plant Assets

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