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| | | | | Financial & Managerial Accounting , 2002 Edition
Belverd E. Needles, Jr., DePaul University
Marian Powers, Northwestern University
Susan Crosson, Santa Fe Community College
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| | Learning Objectives
Chapter 6: Merchandising Operations and Internal Control
- Identify the management issues related to merchandising businesses.
- Define and distinguish the terms of sale for merchandising transactions.
- Prepare an income statement and record merchandising transactions under the perpetual inventory system.
- Prepare an income statement and record merchandising in transactions under the periodic inventory system.
- Define internal control, identify the five components of internal control, and explain seven examples of control activities.
- Describe the inherent limitations of internal control.
- Apply internal control activities to common merchandising transactions.
- Apply sales and purchases discounts to merchandising transactions.
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