Quickbooks Chapter 5

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Author:
davecowman
ID:
300771
Filename:
Quickbooks Chapter 5
Updated:
2015-04-14 17:13:44
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Chapter
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Description:
Inventory
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  1. Inventory
    Merchandise that is sold to customers for a profit.
  2. Periodic Inventory System
    Values the inventory periodically based on a physical count of the merchandise; usually done once a year.
  3. Perpetual Inventory System
    Values the inventory after every purchase and sale of inventory items
  4. Sales Tax
    An amount charged on the sale of merchandise, usually a percentage of the sales price.  It is collected by the company as part of the sale and later remitted to the appropriate government agency.
  5. Sales Discount
    A reduction in the selling price if the invoice payment is made shortly after the invoice date.
  6. Inventory Adjustment
    An amount recorded in an expense or loss account to reflect the reduction in inventory value and/or quantity due to loss, theft, or damage.

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