Refresh or test your accounting knowledge on Accounting for Merchandizing Businesses:
| QUESTIONS:1.0 Distinguish the activities of a service business from a merchandizing business
2.0 Describe the accounting cycle for a merchandizing business 3.0 Explain how to journalize the entries for merchandize transaction using the perpetua inventory system and the periodic inventory system including purchases, sales, discount, returns, transportation costs and transaction for both buyer and the seller 4.0 Explain how to calculate the cost of goods sold using the perpetual inventory system and the periodic inventory system 5.0 Distinguish between the multiple step income statement and the single step income statement 6.0 Explain the component of Financial Statements of merchandizing bsiness 7.0 Explain how to prepare the closing entries.
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