This is a simple Question and answer
– Distinguish between the single step income statements versus the multiple step income statement
-Describe the difference between perpetual and periodic inventory.
-Share some examples of when a company might want to use lower of cost or market in valuing the inventory.
– What are the three different inventory cost flow assumptions commonly used in commerce and allowed by generally accepted accounting principles?
– How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser?