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4.450 TL

2.950 TL

4.600 TL

5.050 TL

4.000 TL

Cost of Goods Sold

Merchandise Inventory

Purchase Discount

Net Cost of Inventory Purchased

Sales Revenue

Purchase returns

Purchase allowences

Purchase discount

Purchase tax

Purchase payments

2000

1,764

1,864

1,800

1,724

Trade discounts usually decrase for a customer when a company either wants to encourage prompt payment 

Trade discounts offer a cash discount to companies' customers if they agree to pay within a designated period.

Only the cost is recorded after a net of the trade discounts.

Trade discounts are not recorded and therefore they are not reflected in the books of accounting for both buyer and seller

Trade discounts increase the final sales price and are not affected by the date of payment

Lower of Cost or Market Value Method (LCM)Specific Identification Method

Average Cost Method

First-In, First-Out (FIFO) Method

Last-In, First-Out (LIFO) Method

Specific Identification Method

Average Cost Method

Specific Identification Method

Periodic Inventory Method

First-In, First-Out (FIFO) Method

Last-In, First-Out (LIFO) Method

cash and accrual

returns and allowances

First in first out and last in firs out

purchase and sale

perpetual and periodic

"Anticipate no gains, but provide for all probable losses"

"If in doubt, record an asset the lowest reasonable amount and reliability at the highest reasonable amount"

"When there is a question, record an expense rather than an asset"

"When you are faced with a decision between two possible options, you must choose the option that undervalues"

"Inventory management is not a significant aspect of any successful business"

Retailer company

Whole seller company

Manufacturing company

Service company

Finished goods company

Bad debts expense is not reflected actual losses from the uncollectible receivables

The loss amount is not charged to the uncollectible account expense

Companies use allowance account for the expenses based on estimates

Companies could estimate bad debts losses in this method

It is mainly used by relatively small and private companies

Only I

I-II

I-III

II-III

I-II-III

Only I

I-II

I-III

II-III

I-II-III

Assets+Liabilities=Owners’ Equity

Assets=Liabilities+Owners’ Equity

Assets=Liabilities−Owners’ Equity

Owners’ Equity x Liabilities=Assets

Owners’ Equity+Assets=Liabilities

Identifying the financial transactions

Recording the financial transactions

Communicating to decision makers about transactions

Preparing financial statements

Communicating with banks for funding

notes receivable

buildings account

fixture accounts

accounts receivable

prepaid expenses

Statement of cash flows

Balance sheet

Owner’s equity statement

Income station

Audit report

A corporation is a large company or group of companies authorized to act as a single entity.

Shareholders can sell part or all of their stocks to other investors at any time.

The business with corporate structure is fully separate and distinct from its owners.

Owners of corporation are not personally liable for the debts of the entity.

Usually a small amount of capital is needed and the owner is entitled to all profits.

Prepaid Expenses

Accounts Payable

Unearned Revenue

Notes Payable

Revenues

Accounting equation best reflects the equity owners' residual claim on total assets after subtracting all liabilities.  Assets = Shareholders' Equity + Liabilities. 

An accounting equity is an individual accounting tool that shows the increases and decreases in a specific asset, item during a specified period.

An accounting equity are the basic storage units for accounting data and are used to accumulate amounts from similar financial transactions. so, an account is a summary device of accounting.

An Accounting equity is cash-equity. Cash equity  means business’s money and any medium of exchange including paper currency, coins, certificates of deposit, and checks.

An Accounting equity is that companies might sell their goods and services on account and receives a promise for future collection of cash.