Questions: Look these up on your own!

In a perpetual inventory system, what account do you debit for the cost of purchases?

$-$inventory account

In a periodic inventory system, what account do you debit for the cost of purchases?

purchase account

When is inventory included on the seller's books and when on the buyer's book?

What is net realizable value and how is it calculated?

How is a change from FIFO to LIFO accounted for by a company?

How do you calculate the acquisition costs of property, plant, and equipment?

What is goodwill?

Define patent, copyright, trademark and franchise.

What costs are included in determining the amount to capitalize for land?

Define residual value or salvage value of an asset.

Cost, residual value, and service life are used to calculate what?

depreciation

Which depreciation method provides the largest amount of depreciation in the first year? Which provides the lowest amount of depreciation in the first year when compared to the other methods?

Review the journal entry to record the sale of property, plant and equipment and the accounts involved in booking the sale.