There are several unique accounting issues associated with a merchandising operation. The accountant needs to be well-versed in the flow of costs through the inventory system, transactions relating to the purchase and sale of merchandise, gift cards, sales taxes, and more. The Accounting for Merchandising Operations course addresses all of these topics, and provides examples to enhance the reader's understanding of each one.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Recall the inventory costing systems that a merchandising operation might use.
Identify the controls used to account for merchandise purchases.
Specify the accounting used for purchase returns, discounts, and allowances.
Specify the accounting used for sales returns, allowances, discounts, and coupons.
Recall the circumstances under which a merchandising operation must record a loss contingency.
Major Topics
The Essentials of Merchandising Operations
The Merchandising Flow of Costs
Recording the Purchase of Merchandise
Recording the Sale of Merchandise
Accounting for Gift Cards
Accounting for Warranties
Accounting for Sales Taxes
Closing Adjustments
