This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following has the highest level of authority for a government in the governmental GAAP ... (Read 55 times)

cagreen833

  • Hero Member
  • *****
  • Posts: 544
on: Jul 6, 2018
Which of the following has the highest level of authority for a government in the governmental GAAP hierarchy?
 
  A. A FASB standard on pension accounting.
  B. A GASB standard on pension accounting.
  C. AICPA state and local government audit guide coverage of pensions.
  D. The coverage of pensions in a Journal of Accountancy article.

Question 2

For companies using the periodic inventory system, explain how the Merchandise Inventory account is handled in the accounting records through the journal entries and the work sheet.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

johnpizzaz

  • Sr. Member
  • ****
  • Posts: 345
Reply #1 on: Jul 6, 2018
Answer to Question 1

B

Answer to Question 2

Merchandise Inventory is adjusted at year end. Two adjusting entries are required. The first entry removes the old inventory figure by crediting Merchandise Inventory for the old balance and debiting Income Summary. The second entry places the latest, or ending inventory figure in the inventory account, by debiting Merchandise Inventory and crediting Income Summary. On the work sheet, the beginning balance of Merchandise Inventory is listed in the Trial Balance Debit column. The adjusting entries are recorded in the Adjustments columns. The amounts on the Income Summary line are recorded in the Income Statement columns with the beginning inventory amount recorded in the Debit column and the ending inventory amount recorded in the Credit column. The ending inventory is recorded on the Merchandise Inventory line in the Balance Sheet Debit column.


cagreen833

  • Member
  • Posts: 544
Reply 2 on: Jul 6, 2018
Wow, this really help

amandanbreshears

  • Member
  • Posts: 320
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

More than 34,000 trademarked medication names and more than 10,000 generic medication names are in use in the United States.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

Calcitonin is a naturally occurring hormone. In women who are at least 5 years beyond menopause, it slows bone loss and increases spinal bone density.

Did you know?

According to the National Institute of Environmental Health Sciences, lung disease is the third leading killer in the United States, responsible for one in seven deaths. It is the leading cause of death among infants under the age of one year.

The central dogma of genetics at the molecular level. The central dogma of genetics at the molecular level.
Select the Code with the Highest Level of Specificity Select the Code with the Highest Level of Specificity
Surface Fronts and Upper-Level Patterns: Cold Fronts and the Formation of Upper-Level Troughs Surface Fronts and Upper-Level Patterns: Cold Fronts and the Formation of Upper-Level Troughs
Upper-Level Maps Upper-Level Maps
Sea-Level Rise Sea-Level Rise
Denney's model ON actual level of performance on exercised and unexercised abilities Denney's model ON actual level of performance on exercised and unexercised abilities
Video: Status Epilepticus

For a complete list of videos, visit our video library