I NEED POINTERS TO STUDY FOR MIDTERMS COURSE: FINANCIAL ACCOUNTING (UNIVERSITY) CHAPTER 1 to 6 (excluding financial ratios) Thank...

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Accounting

INEED POINTERS TO STUDY FOR MIDTERMS
COURSE: FINANCIAL ACCOUNTING (UNIVERSITY)
CHAPTER 1 to 6 (excluding financial ratios)
Thank you!

Orjust key pointers about ACCRUAL ACCOUNTING & FIFO AND AVERAGEWEIGHT METHOD OF INVENTORY & PERIODIC VS PERPETUAL ACCOUNTINGPLEASE!

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Accrual method of AccountingIn accrual method of accounting sales and expenses are recordedin books of accounts as and when they incurred but not when theypaidCreation of provisions for expenses is a part of accrual methodof accounting In cash basis method of accounting expenses arerecorded when they are paid But in accrual method of accountingexpenses are debited to profit and loss account when they incurredeven when they not paidAnother perfect example is accounting the See Answer

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