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Revised Fall 2012 - Harper College
www.harpercollege.eduRevised Fall 2012 Page 1 of 27 CHAPTER 10 ACCOUNTING FOR LONG-TERM LIABILITIES Key Terms and Concepts to Know Present Value: There is an old saying that time is money. Applied to accounting, it means that a dollar today is worth more to an investor or company than a dollar to be received in the future.
Revised Fall 2012 - Harper College
www.harpercollege.eduShrinkage is the cost of inventory not on hand and not sold. It is part of cost of goods sold under either inventory system. Purchasing Transactions: Inventory account is increased for the cost of the merchandise purchased plus the freight cost necessary to transport the inventory to the buyer’s place of business (FOB shipping point).