Perpetual inventory
Chapter 1
Notice negaticve amounts as clues
Notice beginning vs ending balanances
Memorize the stucture of financial statement
Chapter 2
Meeorize account classification
Build statements one section at a time one account at a time
Chapter 3
Asset increases debit except for accumlated deprecation
Equity increase by credit except expenses and dividends
Identify accoutns before you answer (A or L or E)
Chapter 4
Whn we are on the lasy day of the period pay attention to whether this is pre or post adjustment
The unadjsuted balance for nay period is the same as the adjusted balance for the previous period
Chapter 5
Pay attention to contra accounts and their behaviour
Chapter 6
Invenory analysis record sales in terms of cogs
Record cogs using chanignacerage cost/unit (perpetual)
Record cogs using one averag cost/unit (periodic)
Think in tmers of beginning, purhcased , sold, ending
Verify work using beginning +purchsed+ =sold .+ending
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