Computer Applications I

Accounting II

Date:	April 25, 2008
Topic:	Financial Reporting for a Departmentalized Business
Objective:	Define Accounting Terms Related to Cost accounting and financial reporting for a departmentalized merchandising business. Identify Accounting Concepts and Practices related to Cost accounting and financial reporting for a departmentalized merchandising business. Distinguish between direct and indirect expenses. Prepare a interim departmental statement of gross profit. Prepare a work sheet for a departmentalized merchandising merchandising business. Prepare financial statements for a departmentalized merchandising business. Analyze financial statements using selected component percentages. Complete end-of-period work for a departmentalized merchandising business.

Entry Task

Define the following accounting terms:

Fiscal period

Responsibility accounting

Direct expense

Indirect expense

Departmental margin

Departmental margin statement

Gross Profit

Departmental statement of gross profit

Periodic inventory

Perpetual inventory

Gross profit method of estimating an inventory

Component percentage

Instruction: - Discussed in Class

Today we will be covering pages 86-97, in addition to do in the work together problems on pages 91-92 and 97-98. Be prepared to take notes.

Assignments - Assignment List

Page 91-92 Audit questions 1-3, 1-10.

Page 97-98 Audit questions 1-3, 1-2.