Inventory and Merchandising
125 resources created by 101 users
This Inventory and Merchandising page on GoConqr gathers community-made quizzes, mind maps, flashcards and notes, from journalizing sales and purchases to FIFO, weighted average and overhead. It's built for university students and professional candidates working through inventory topics, and for teachers after ready-made material, with school students welcome in passing. There are over 120 resources here, including more than 30 quizzes and over 40 mind maps, made by over 90 contributors. Try a quiz to find your gaps, then explore the maps and flashcards.
Top Inventory and Merchandising resources
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48 questionschapter 6 Manufactured inventory that has begun the production process but is not yet completed is
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33 questionsChapter 5 - Accounting for Merchandising Businesses Merchandise inventory is classified on the balance sheet as a
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16 questionsFA Chapter 6 quick check Which statement is true?
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5 questionsJournalizing Sales and Purchases Ramos sold merchandise on account to Cammayo, P162,000. Terms: FOB destination; 2/10, n/30. Freight charges...
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13 cardsKey Terms Chapter 18: Inventory and Overhead Chapter 18 key terms
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11 cardsQBO Ch. 7 Key Terms Bus 342 Inventory order from vendors to customers
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25 questionsSU 9.2
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50 questionsChapter 6 43. The factor which determines whether or not goods should be included in a physical count of inventory is
Quizzes
See all 37 quizzes-
48 questionschapter 6 Manufactured inventory that has begun the production process but is not yet completed is
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33 questionsChapter 5 - Accounting for Merchandising Businesses Merchandise inventory is classified on the balance sheet as a
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16 questionsFA Chapter 6 quick check Which statement is true?
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5 questionsJournalizing Sales and Purchases Ramos sold merchandise on account to Cammayo, P162,000. Terms: FOB destination; 2/10, n/30. Freight charges...
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25 questionsSU 9.2
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50 questionsChapter 6 43. The factor which determines whether or not goods should be included in a physical count of inventory is
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30 questionsCh 8 - ACCT 201A
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32 questionsChapter 4 Accounting
Mind maps
See all 42 mind maps-
58 nodesNorms of Valuation Purchase cost · Cost of production · Financial cost relate... · Cost of service provi... · Cost of harvested agr... · Inventory items
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21 nodesChapter 8: Valuation of Inventories Inventories are asset... · A company reports the... · Companies use one of ... · management is vitally... · Goods sold (or used) ... · If a supplier ships g...
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78 nodesMerchandising firm Perpetual Inventory S... · Periodic Inventory Sy... · Types of transactions... · Closing entries for m... · Special attention
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52 nodesChapter 18: Inventory and Overhead Specific Identificati... · Weighted-Average Meth... · FIFO · LIFO · Retail Method · Gross Profit Method
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42 nodesValuation of Inventories: A Cost-Basis Approac Classification · Goods and Costs Inclu... · Costs Included in Inv... · Cost Flow Assumption
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25 nodesBULK DISCOUNTS The annual demand for...
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36 nodesInventories: Additional valuation issues. Gross profit method · Lower of Cost or market · Valuation bases · Retail inventory method · Presentation and Anal...
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22 nodesInventories: Additional valuation issues Presentation and anal... · Lower-of-cost-or-market · Valuation bases · Gross profit method · Retail inventory method
Flashcards
See all 39 flashcards-
13 cardsKey Terms Chapter 18: Inventory and Overhead Chapter 18 key terms
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11 cardsQBO Ch. 7 Key Terms Bus 342 Inventory order from vendors to customers
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17 cardsIAS 2 - Inventories What is the objective of IAS 2 - Inventories?
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30 cardsIAS 2 and IAS 41 How inventories are valued?
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10 cardscost of raw material & inventory management what is EOQ
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31 cardsAcct Test #2 CH 5
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28 cardsChapter 5 Merchandising Operations A business that sells merchandise or goods, to customers.
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15 cardsChapter 18 Average Inventory, Distribution of Overhead
Flowcharts
Notes
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Exam Q2 - Inventory Weighted Average Method is used for Periodic SystemCost of Goods Available for Sale/Number of Units Available for Sale = Per Unit PriceCost of Goods Available for Sale = Beginning Inventory + PurchasesNumber of Units ...
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Chapter 9 Sec. 2 Inventory value is recorded in a general ledger account titled Merchandise Inventory , an asset account.Two Principles to determine the value of inventory Perpetual Inventory Method Merchandise is directly accounted f...
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Chapter 9 sec. 1 Service and merchandising businesses are many of the same accounts. However merchandising businesses have additional accounts on their balance sheets and income statements to account on their balance sheets and income...
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Chapter 9 sec. 3 Each entry in the purchases journal affects the account of the vendor named in the Account credited column. The amount on each line of a purchases journal is posted as a credit to a vendor account in the accounts paya...
Slides
Topics in Inventory and Merchandising
More Accounting and auditing topics
About Inventory and Merchandising
GoConqr OriginalWhat this page covers
This unit brings together material on how businesses buy, hold and sell goods. The quizzes test entries for merchandise sales, such as Journalizing Sales and Purchases, which uses credit terms like 2/10, n/30 and freight charges. Other quizzes ask how inventory is classified on the balance sheet, which goods belong in a physical count, and how FIFO affects cost of goods sold.
Where to start
Begin with Chapter 5 - Accounting for Merchandising Businesses. It covers merchandise inventory, net revenue over the cost of goods sold, and the inventory systems. Then move to FA Chapter 6 quick check for a short test of classification and sales discounts.
- Take a merchandising quiz and note which questions you miss.
- Open a mind map on the same topic, such as the one called Inventory, which sets out initial and later measurement.
- Go over key terms with a flashcard deck.
- Return to a quiz and try it again.
Using quizzes and maps together
A quiz shows what you do not yet know. A mind map shows how the parts connect: costs included in inventory, cost methods, periodic systems and valuation. If you miss a question on goods in transit, find the map branch on inventory cost, then test yourself again.
The note Exam Q2 - Inventory is useful for the weighted average method. It shows that cost of goods available for sale is beginning inventory plus purchases, divided by units available for sale.
Terms and standards
Flashcard decks cover raw materials, work in progress, finished goods, gross profit, sales returns and allowances, the gross profit method, inventory turnover and just-in-time systems. Some decks and maps deal with IAS 2 on inventories, and a few cover QuickBooks Online products and services. There is also a flowchart on inventory valuation methods and a slide set on inventory control systems.
Where this unit sits
This is the Inventory and Merchandising unit in Accounting and auditing, within the strand Financial Accounting: Assets, Liabilities and Equity. Pick one resource that matches your course today, and see how far a quiz and a map take you.
Frequently asked questions
Which resource should I open first?
Start with the quiz Chapter 5 - Accounting for Merchandising Businesses. It asks how merchandise inventory is classified and how gross profit is worked out. If you want entries instead, try Journalizing Sales and Purchases, which uses credit terms and freight charges in its scenarios.
What do the mind maps cover?
The mind maps, of which there are over 40, cover inventory measurement, cost methods such as FIFO, inventory systems, valuation issues, lower of cost and net realizable value, and merchandising operations. Some follow IAS 2. Several are on inventory and overhead. Pick the one that matches your course chapter.
Are these resources free to use?
Yes. Every resource listed here is free to open, study and take, with no account needed. They were made by GoConqr users, not by GoConqr itself. If you sign up for a free account, you can also save quiz scores and create your own quizzes, maps, flashcards and notes.
Who are these resources for?
Most suit university students and professional candidates studying inventory and merchandising accounting. Teachers can use the quizzes, decks and maps as ready-made material. A few resources may also help school students for a quick look. The page does not tie its resources to a named exam.
Are there flashcards for key terms?
Yes. There are over 30 flashcard decks, many of them key terms for an inventory and overhead chapter. Terms include average inventory, FIFO, LIFO, the gross profit method, inventory turnover and just-in-time systems. Other decks cover IAS 2, merchandise terms and QuickBooks Online inventory items.
What if I cannot find my topic?
Look at the resource types. A topic missing from a quiz may appear in a mind map, flashcard deck, note, flowchart or slide set. Chapter numbers differ between textbooks, so search by topic, such as specific identification or bulk discounts, rather than by number.