ACCT5

Card Set Information

Author:
jorob7777
ID:
212776
Filename:
ACCT5
Updated:
2013-04-10 22:02:30
Tags:
ACCT5
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Description:
Accounting Chap5
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  1. POS Method
    • Revenue
    • Less: COGS
    • Gross Margin
    • Less: Oper Exp
    • Net Income
  2. POS Method - COGS
    COGS=COGAS-EI = BI + Purch - EI
  3. POS Method - Recognize Revenue
    When sale is made
  4. Installment Method - Recognize Revenue
    As cash collection, and use fraction of Cash Collection to Total Sales to compute COGS
  5. Installment Method - COGS
    • Cash Collection = %
    • Sales
    • COGS = % x COGS
  6. Installment Method - Income Statement
    • Revenue
    • Less: COGS
    • Gross Margin
    • Less Oper Exp
    • Net Income
  7. Completed Contract Method - Recognizes revenue?
    When complete
  8. Completed Contract Method - Income Statement
    • Numbers for the year completed:
    • Revenue
    • Less: Expenses
    • Net Income
  9. % of completion Method - Income Statement
    % of completion: Annual cost/Total cost

    Revenue: % compited x Total cash collected

    Less: expenses

    Net Income

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