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Lecture Notes for ACIS 3115 - Intermediate Financial Acct with Song at Virginia Tech (VT)

Notes Information

Material Type:Note 1
Professor:Song
Class:ACIS 3115 - Intermediate Financial Acct
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Spring 2008
Keywords:
  • Inventoriable Costs
  • Overstatement
  • Ending Inventory
  • Statement Presentation
  • Physical Count
  • Assumptions
  • Understatement
  • Continued...
  • Liquidation
  • Inventories
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8-1 CHAPTER 8 Valuation of Inventories: A Cost-Basis Approach ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis 1. Inventory accounts; determining quantities, costs, and items to be included in inventory; the inventory equation; balance sheet disclosure. 1, 2, 3, 4, 5, 6, 8, 9 1, 3 1, 2, 3, 4, 5, 6, 10 1, 2, 3 1, 2, 3, 5, 11 2. Perpetual vs. periodic. 2 9, 13, 14, 17 4, 5, 6 3. Recording of discounts. 10, 11 7, 8 3 4 4. Inventory errors. 7 4 2, 3, 4, 5, 10, 11, 12 2 5. Flow assumptions. 12, 13, 16, 18, 20 5, 6, 7 13, 14, 15, 16, 17, 18, 19, 20, 21, 22 1, 4, 5, 6, 7 5, 6, 7, 8 6. Inventory accounting changes. 18 7 6, 7, 10 7. Dollar-value LIFO methods. 14, 15, 17, 18, 19 8, 9 23, 24, 25, 26 1, 8, 9, 10, 11 8, 9 8-2 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Exercises Problems 1. Identify major classifications of inventory. 1 2. Distingu...

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