By Duane R. Milano
REA's necessities supply quickly and straightforward entry to serious info in numerous diverse fields, starting from the main uncomplicated to the main complex. As its identify implies, those concise, finished examine courses summarize the necessities of the sector coated. necessities are necessary while getting ready for assessments, doing homework and may stay a long-lasting reference resource for college students, academics, and pros. Accounting I comprises accounting ideas, the accounting cycle, adjusting entries, final entries, worksheet techniques, accounting for a advertising operation, inner regulate and really expert journals, money, receivables, stock, estate, vegetation and kit, and long term resources.
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Extra resources for Accounting I Essentials
3 WEIGHTED AVERAGE The weighted average method is also sometimes called the average cost method. This method assumes that the same cost per unit is charged to units remaining in inventory as was charged to units that have been sold during the period. The calculations for this method are much simpler than those for FIFO and LIFO. 0769. Then the calculations for ending inventory and cost of goods sold are: As can be seen from the example, total units is equal to 65 (30 in ending inventory and 35 in cost of goods sold).
Currently, replacement cost is not allowed within generally accepted accounting principles or GAAP. 4 COMPARISON OF COST METHODS Remembering that the sum of ending inventory and cost of goods sold is equal to the total cost of goods available for sale, it is clear that a difference in ending inventory will have a like effect on cost of goods sold. Different methods will likewise produce different net income amounts. In times of inflation (rising costs), using LIFO will reduce net income as the highest costs are charged to revenue first.
1. 1 Account Title debits credits A complete set of accounts for a business is referred to as a ledger. Debit is usually abbreviated Dr. Credit is usually abbreviated Cr. Debiting an account is often referred to as charging the account. 2 RECORDING TRANSACTIONS The first step in the accounting cycle is the execution of a transaction. Information pertaining to the transaction is then placed on a document. Utilizing the debit and credit scheme, the transaction is then recorded in the journal. Journalizing requires that the transaction is analyzed to determine which accounts are affected, whether the effect is an increase or decrease, and finally, if this increase or decrease is represented by a debit or credit.