Financial Accounting Four: Transactions For A Merchandising Business
Skill Success
Summary
- Certificate of completion - Free
- Tutor is available to students
Overview
This course includes lifetime access so you can complete it at your own speed.
This course is designed for those interested to learn the basics of the transaction for a merchandising business, the fundamentals and core concepts including the double entry accounting process, merchandising transactions, sales and purchase discounts, and the comprehensive problems that is focused on the financial transactions of the business.
Benefits of taking this course include:
- Unlimited and lifetime access to the course
- Learn the course at your own pace
- Course can be accessed on any platform
- 24/7 Customer support
Course media
Description
Merchandising transaction, transactions that deal with inventory, including the purchase of inventory and the sale of inventory.
In this course, we will discuss related topics including sales discounts, purchase discounts, sales returns and allowances, shrinkage and the cost of goods sold calculation. We will also compare and contrast a perpetual inventory system and periodic inventory system, listing and describing the pros and cons of each, explaining when each may be most appropriate in practice.
Summary of what will be covered:
- Accounting fundamentals
- Merchandising transaction
- Perpetual and Periodic Inventory System
- Sales discount and purchase discount
- Inventory shrinkage and sales returns.
- Financial statements - merchandising company
- Comprehensive problems
Who is this course for:
- Accounting students
- Business owners
- Anyone who wants to learn accounting
The Financial Accounting Four: Transactions For A Merchandising Business will cover the following topics:
Section 1 - Introduction
- Course Overview
Section 2 - Accounting Fundamentals And Merchandising Accounting Cycle
- Accounting Fundamentals And Merchandising Accounting Cycle
- Accounting Building Blocks
- Debits And Credits
- Journal Entry Thought Process
- Accounting Cycle Merchandising Company
- Discussion Question – Inventory
Section 3 - Merchandising Transaction Overview
- Merchandising Transaction Overview
- Merchandising Transaction Explained Purchaser And Se
- Merchandising Transaction Journal Entry Purchaser
- Merchandising Transaction Sales Journal Entry – COGS Jou
- Discussion Questions – Difference Between Periodic And Perpetual Inventory
Section 4 - Perpetual And Periodic Inventory Systems
- Perpetual And Periodic Inventory Systems
- Perpetual Inventory System
- Worksheet – Perpetual Inventory System
- Periodic Inventory System
- Worksheet Periodic System
- Perpetual Vs. Periodic Inventory System
- Discussion Questions – Operating Cycle For A Merchandising Company
Section 5 - Sales Discount And Purchase Discount
- Sales Discount Vs. Purchase Discount Overview
- Sales Discount Vs. Purchase Discount
- Purchase Discount Journal Entry Explained
- Sales Discount Explained Journal Entry Record Discount
- Worksheet Purchase Discount And Sales Discount
- Discussion Questions – FOB
Section 6 - Inventory Shrinkage And Sales Returns
- Inventory Shrinkage – Sales Returns
- Inventory Shrinkage
- Worksheet – Inventory Shrinkage
- Sales Return And Allowance Transaction
- Worksheet – Sales Return
- Multiple Choice Questions Merchandising Company
- Discussion Questions – Income Statement
Section 7 - Financial Statements - Merchandising Company
- Financial Statements – Merchandising Company
- Income Statement Introduction
- Merchandising Financial Statements – Accounting Instructions
- Multiple Choice Questions – Merchandising Company
- Short Calculation Questions
- Discussion Questions – COGS
Section 8 - Merchandising Transaction Problem
- Merchandising Part 1 – Accounting Financial
- Merchandising Part 2 – Accounting Financial
- Merchandising Part 3 – Accounting Financial
- Merchandising Part 4 – Accounting Financial
- Multiple Choice Questions Merchandising Company
- Short Calculation Questions – Part 2
- Discussion Questions – GP
Section 9 - Comprehensive Problem
- Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 1
- Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 2
- Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 3
- Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 4
- Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 5
- Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 6
- Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 7
- Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 8
- Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 9
- Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 10
- Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 11
- Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 12
- Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 13
- Discussion Questions – Inventory Shrinkage
Section 10 - Definitions And Key Terms
- Invoice Definition – What Is Invoice
- Cash Discount Definition – What Is A Cash Discount
- Credit Memorandum Definition – What Is A Credit Memorandum
- Credit Period Definition – What Is A Credit Period
- Credit Terms Definition – What Are Credit Terms
- Free On Board Definition – What Is Free On Board
- Gross Margin Definition – What Is Gross Margin
- Gross Margin Ratio Definition
- Gross Profit Definition – What Is Gross Profit
- Gross Profit Ratio Definition – What Is Gross Profit Ratio
- Inventory Definition
- Merchandise Definition
- Multiple-Step Income Statement Definition – What Is A Multiple-Step Income Statement
- Periodic Inventory System Definition – What Is Periodic Inventory System
- Perpetual Inventory System Definition – What Is Perpetual Inventory System
- Purchase Discount Definition – What Is Purchase Discount
- Sales Discount Definition – What Is sales discount
- Shrinkage Definition – What Is Shrinkage
- Single-Step Income Statement – What Is A Singe-Step Income
- Trade Discount Definition – What Is A Trade Discount
- Wholesaler Definition – What Is A Wholesaler
Who is this course for?
This course is designed for those interested to learn the basics of the transaction for a merchandising business, the fundamentals and core concepts including the double entry accounting process, merchandising transactions, sales and purchase discounts, and the comprehensive problems that is focused on the financial transactions of the business.
Requirements
No prior knowledge is required to take this course.
Career path
None
Questions and answers
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Certificates
Certificate of completion
Digital certificate - Included
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