1)what is accounting

2) What is difference between financial accounting and cost accounting

3) What are the parts of financial statement

4) what is the difference between income statement and balance sheet

5 ) sales 100,000 cost of goods sold 50,000 operating exp 10,000 ( compute net income for the company

6) sales return 10,000 sales discount 25,000 net sales 200,000 ( compute the gross sales )

7 ) beginning inventory 10,000 total cost of purchases 200,000 ending inventory 50,000 ( compute cost of goods sold )

8) cost of goods sold 50,000 ending inventory 10,000 total cost purchases 45,000 ( compute cost of beginning inventory )

9) net profit 20,000 operating exp 10,000 cost of goods sold 50,000 ( compute total sales )

10) cost of goods sold 50,000 operating exp 30,000 net profit 20,000 ( compute total sales )

11) cost of raw material used 20,000 direct labor 10,000 Factory over head 20,000 ( compute manufacturing cost - prime cost - conversion cost )

12 ) Manufacturing cost 100,000 cost of work in process beginning 20,000 and cost of work in process ending 30,000 ( cost of goods manufactured )

13 ) what is the difference between cost of goods manufactured and cost of goods sold

14) finished goods beginning 10,000 cost of goods manufactured 50,000 cost of finished goods ending 30,000 ( cost of goods sold )

15 ) cost of goods sold 100,000 cost of goods manufactured 70,000 cost of finished goods ending 20,000 ( cost of finished goods beginning )