ACCT 331 Study guides, Class notes & Summaries

When a periodic inventory system is used the balance in the inventory account should approximate inventory on hand. two entries are required to record a sale. purchases of inventory are charged to the Inventory account. a physical count of inventory is required at the end of the accounting period to determine cost of goods sold. a physical count of inventory is required at the end of the accounting period to determine cost of goods sold. When a perpetual inventory system is used Cost o...

Balance Sheet a financial statement that reports the assets, liabilities, and equity of a company at a particular time Liquidity useful for determining company's ability to pay current obligations (to convert its assets to cash) Solvency whether a company is able to pay all its liabilities including long-term liabilities. riskiness regarding the amount of liabilities in the capital structure Financial flexibility how many recourses available for generating future cash flows - to alt...

searching for ways to increase overall efficiency by reducing waste, improving quality and reducing costs is a function within an organization that is known ascontinuous improvement the detailed formulation of future actions to achieve a particular end is a management activity calledplanning a treasurer of a company is responsible forraising capital which of the following manufacturing approaches strives to produce a product only when it is needed and only in the quantities demanded b...

searching for ways to increase overall efficiency by reducing waste, improving quality and reducing costs is a function within an organization that is known ascontinuous improvement the detailed formulation of future actions to achieve a particular end is a management activity calledplanning a treasurer of a company is responsible forraising capital which of the following manufacturing approaches strives to produce a product only when it is needed and only in the quantities demanded b...

When a periodic inventory system is used the balance in the inventory account should approximate inventory on hand. two entries are required to record a sale. purchases of inventory are charged to the Inventory account. a physical count of inventory is required at the end of the accounting period to determine cost of goods sold. a physical count of inventory is required at the end of the accounting period to determine cost of goods sold.

Balance Sheet a financial statement that reports the assets, liabilities, and equity of a company at a particular time Liquidity useful for determining company's ability to pay current obligations (to convert its assets to cash) Solvency whether a company is able to pay all its liabilities including long-term liabilities. riskiness regarding the amount of liabilities in the capital structure Financial flexibility how many recourses available for generating future cash flows - to alt...