|Accounting for Receivables and Inventory Cost Flow|
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1. Narrated Slides (Chapter Content)
After you have mastered the material in this chapter, you will be able to:
- Explain how the allowance method of accounting for uncollectible accounts affects financial statements.
- Determine uncollectible accounts expense using the percent of revenue method.
- Determine uncollectible accounts expense using the percent of receivables method.
- Explain how accounting for notes receivable affects financial statements.
- Explain how accounting for credit card sales affects financial statements.
- Explain how different inventory cost flow methods (specific identification, FIFO, LIFO, and weighted
average) affect financial statements.