The Cost of Goods Available and Sold

• Introduction to Accounting
• Understanding Financial Statements
• The Accounting Equation
• Financial Reporting Objectives
• Generally Accepted Accounting Principles
• Internal Control

• Analyzing Transactions
• T Accounts
• Double‐Entry Bookkeeping
• Journal Entries
• The General Ledger
• The Recording Process Illustrated
• The Trial Balance

• Adjusting Entries
• Accrued Revenues
• Accrued Expenses
• Unearned Revenues
• Prepaid Expenses
• Depreciation
• The Adjustment Process Illustrated
• Financial Statements

• The Work Sheet
• Closing Entries
• The Post‐Closing Trial Balance
• The Accounting Cycle
• Reversing Entries
• Correcting Entries

• Accounting Inventory
• Recording Sales
• Sales Returns and Allowances
• Sales Discounts
• Net Sales
• Inventory Systems
• Recording Purchases
• Returns and Allowances
• Purchases Discounts
• Net Purchases and Goods Purchased
• The Cost of Goods Available and Sold
• Gross Profit
• Financial Statements with Inventory
• Adjusting the Inventory Account
• Inventory Adjustments
• Closing Entries Updates Inventory

• Subsidiary Ledgers
• Special Journals

• Cash Controls
• The Petty Cash Fund
• Bank Reconciliation
• Credit Card Sales

• Receivables Defined
• Evaluating Accounts Receivable
• Estimating Bad Debts—Allowance Method
• Factoring Receivables
• Notes Receivable
• Recording Notes Receivable Transactions
• Discounting Notes Receivable

• Determining Inventory Levels
• The Cost of Inventory
• The Valuation of Merchandise
• Inventory Systems: Perpetual or Periodic
• Inventory Subsidiary Ledger Accounts
• Cost Flow Methods
• Inventory Errors and Financial Statements
• Estimating Inventories

• Operating Assets Defined
• The Cost of Property, Plant, Equipment
• Depreciation of Operating Assets
• Repairs and Improvements
• Disposition of Depreciable Assets
• Natural Resources
• Intangible Assets