cxc paper 1 Flashcards by Leidy Baeza | Brainscape

Q

Gross Profit Percentage formula

A

GP/Net sales Revenue x 100

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Q

FIFO

A

Fist in, first out

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Q

LIFO

A

Last in, first out

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Q

AVCO

A

Average cost method

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Q

Prepaid and Accrued (EXPENSE)

Prepaid and Accrued (REVENUE)

A

EXP- Prepaid DR
Accrued CR

REV- Prepaid CR
Accrued DR

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Q

Inventory Turnover Formula

A

Inv turnover= COGS/AVG. Inventory

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