Principles of Financial Accounting Midterm #2
0.0(0)
Studied by 0 people
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/8
There's no tags or description
Looks like no tags are added yet.
Last updated 9:53 PM on 3/29/26
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
9 Terms
1
New cards
FIFO advantages during inflation
higher inventory
higher net income
higher stockholders’ equity on B/S
higher assets on B/S
2
New cards
LIFO advantages during inflation
lowest income taxes
3
New cards
inventory journal entries
Debit COGS Expense and Credit Inventory
Debit Cash and Credit Revenue
4
New cards
other receivables
non-trade receivables, such as interest, loans to offers, advances to employees, and income taxes refundable
5
New cards
depletion journal entry
Debit Inventory and Credit Accumulated Depreciation
6
New cards
if > 100
premium
7
New cards
if < 100
discount
8
New cards
cost of borrowing (discount)
interest + discount
9
New cards
cost of borrowing (premium)
interest - premium
