... sold.
8-2 2
Inventory Cost Flow Methods
Specific cost identification
Average cost
First-in, first-out (FIFO)
Last-in, first-out (LIFO)
Specific cost identification
Average cost
First-in, ... Goods Sold at
the end of the accounting period.
8-1 2
Periodic Inventory System
Adjusting entry to determine Cost of Goods Sold
8-1 3
Comparison of Inventory Systems
8-1 4
Lear...
... flows.
1-1 1
Cash Versus Accrual Accounting
Cash Basis Accounting
1-1 2
Cash Versus Accrual Accounting
Cash flows in any one year may not be a
predictor of future cash flows.
Cash Basis Accounting
1-1 3
Cash ... information.
Cash Versus Accrual Accounting
1-1 5
Learning Objectives
Define generally accepted accounting
principles (GAAP) and discuss the historical
developm...