01 Jan What are the principles
Answer any 3 of the following items-1 from each chapter.
Chapter 6 — Accounting for Merchandising Businesses
Define and discuss Cost of Goods sold.
Define and discuss the several inventory control systems.
Discuss the Operating Cycle for a Merchandiser.
Discuss the sales of merchandise and the sales discounts,
How are Sales Returns and Allowances handled? Define and discuss.
How do you perform the Adjusting Entries for Merchandiser?
Discuss how to prepare adjustments and close accounts for a merchandising company.
Define and discuss Financial Statements
What purpose do these Financial Statements play?
What purpose do closing entries provide?
.
Chapter 7 – Inventories
What is the purpose of inventory?
Define and discuss Goods in Transit, Goods on Consignment, Goods Damaged or Obsolete.
What methods are used to value inventory?
Define and discuss Internal Controls and Taking a Physical Count.
What is the Perpetual Inventory System, and its structure? Discuss the advantages and disadvantages.
What is the Last-in, First-out System, how the inventory is valued? Discuss the advantages and disadvantages.
What is the Weighted Average System and how the inventory is valued? Discuss the advantages and disadvantages.
What is the Lower of Cost or Market and how the inventory is valued? Discuss the advantages and disadvantages.
Chapter 8 – Sarbanes-Oxley, Internal Control, and Cash
What is the purpose ofSarbanes-Oxley legislation requirements?
What are the principles of Internal Controls?
What is the purpose of Internal Controls?
Define and discuss Internal Controls
Why should responsibilities and documentation be established for Internal Controls?
Why should separation / segregation of duties be established? Provide examples.
How do management reviews help establish a strong Internal Controls system?
What would limit Internal Controls?
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