Current Assets: Part I

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Part 1: Special Issues for Merchants

1. The Merchandising Operation - Sales
1.1 Sales
1.2 Sales Returns and Allowances
1.3 Trade Discounts
1.4 Credit Cards
1.5 Cash Discounts

2. Purchase Considerations for Merchandising Business
2.1 Merchandise Acquisition
2.2 Periodic Inventory System
2.3 Purchase Returns and Allowances
2.4 Cash Discount
2.5 Cross Recording of Purchases/Discounts
2.6 Net Recording of Purchases/Discounts Lost
2.7 Comparison of Gross vs. Net
2.8 Freight Charges
2.9 The Calculation of Net Purchases
2.10 Cost of Goods sold
2.11 Detailed Income Statement for Merchandise Operation
2.12 Closing Entries

3. Alternative Inventory System

4. Income Statement Enhancements
4.1 Analysis of a Detailed Income Statement

5. The Control Structure
5.1 Internal Control in the Merchandising Environment
5.2 Internal Control and the Purchasing Cycle
5.3 Generalizing About Control

Part 2: Cash and Highly-Liquid Investments

6. Cash Composition
6.1 Cash Equivalents

7. Cash Management
7.1 Strategies to Enhance Cash Flows

8. Blank Reconciliation
8.1 Comprehensive Illustration of Bank Reconciliation
8.2 Proof of Cash

9. Petty Cash
9.1 Replenishment of Petty Cash
9.2 Cash Short and Over
9.3 Increasing the Base Fund

10. Trading Securities
10.1 An Illustration
10.2 Rationale for Fair Value Accounting
10.3 Alternative: A Valuation Adjustments Account
10.4 Dividend and Interest
10.5 Derivatives