Accounting for Merchandising Operations

Master the accounting challenges unique to merchandising operations. This course explains how costs flow through inventory systems and how to record purchases and sales of merchandise accurately. Learn to account for gift cards, sales taxes, and related transactions that affect revenue and liabilities. Practical examples reinforce each topic so you can apply the concepts immediately and produce reliable financial statements for merchandising businesses.

Format

PDF Course

Course Lists

Duration

1 Hour

Course Information

Author: Steven Bragg
NASBA Category: Accounting

Course Number: AC1142
Not Acceptable For: Enrolled Agents

Learning Objectives

Recall the inventory costing systems that a merchandising operation might use.
Identify the controls used to account for merchandise purchases.
Specify the accounting used for purchase returns, discounts, and allowances.
Specify the accounting used for sales returns, allowances, discounts, and coupons.
Recall the circumstances under which a merchandising operation must record a loss contingency.

Instructional Method: QAS Self-Study

Prerequisites: None
Program Knowledge Level: Basic

Advance Preparation: None

Latest Review Date: January 2025

Program Registration Requirements: Click on the Enroll button to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.

Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.

AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

The NASBA sponsor identification number for Accountingtools, Inc. is 115881.

AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.