6 i 7

Question 1

inwentaryzacja

Answer 1

PHYSCIAL INVENTORY

it involves counting, weighting or measuring each kind of inventory on hand, it should be taken near the end of the accounting period or on a day when the year ends. You have to do it every year.

Question 2

Work in progress in which company

Answer 2

If a company produces goods there will always be a work in process (progress), but it depends on the size of the raw materials (for example making bread will not be tracked)

Question 3

komis

Answer 3

Consigned

goods which are sold, which aren’t owned by the seller

Question 4

Consignee

Answer 4

owns possession on the goods, but it’s not their inventory (it still belongs to the owner)

Question 5

Koszt produkcji

Answer 5

Product costs- always become assets, they are not expenses at first

Question 6

Koszty okresowe

Answer 6

Period costs – they are expenses but not always. Sometimes they can be assets.

Question 7

Koszty wydziałowe produkcji pośrednie

Answer 7

Depreciation of machinery is being added here (period cost every month/year

Question 8

Storage costs

Answer 8

Storage cost doesn’t increase inventory costs, because it is not necessary

You can sell something right away. Cost are not needed unless they are (for example cheese or wine needs to be stored and it that case storage is added, because it is necessary)

Question 9

COST FLOW METHODS- WAY TO DECIDE WHICH GOODS WHERE SOLD

Answer 9

Not Interchangeable goods (for example yacht, cars)

Interchangeable -you can’t use LIFO, you can use FIFO or weighted average cost

Question 10

FIFO

Answer 10

FIFO= LISH (LAST IN STILL HERE)

Average cost per unit- done at the end of the year
You can use different methods for different inventories, but you have to use the same method for the same type of inventory

Question 11

LIFO

Answer 11

LIFO=FISH (FIRST IN STILL HERE)

You show in the value of cost, but if you sell for lower price then cost, then you show it in the selling price

Question 12

Odpis

Answer 12

A write off- difference between selling price and cost when you sell gods cheaper then you bought

Question 13

Obrót zapasów

Answer 13

Inventory turnover- how many times per period the company was able to sale their inventory

Question 14

Czas obrotu zapasów

Answer 14

Days in inventory- how many days you have to wait to sell your inventory

Question 15

Types of receivables

Answer 15

• Accounts receivables – when you sell something and expect a payment later
• Notes receivable – needs to be written, they include interest payment
• Other receivables – interests, loans to officers (like CEO, COO), advances In employees, income taxes redundable etc.

Question 16

Uncollectible Accounts

Answer 16

• Direct write-off method – receivables are not recognized unless you’re certain that you’ll get or not get them; they are written-off (są odpisywane) at the very last moment
• Allowance method – you estimate uncollectibles
• Allowance - obciążenia

Question 17

Obliczanie należności

Answer 17

They are measured at net realizable value (it’s not what we demand to get but what we expect to receive – it can be different; it’s how much cash we’re going to get from receivables).

For example, in balance sheet, if there’s written “accounts receivable, less allowances of $58” and there’s 17,874 in this entry, 17,874 are company’s expectations, and 17,932 (+$58) are company’s demands.

Sales on account raise possibility of accounts not being collected. Seller records losses that result from extending credit as Bad Debt Expense (nieściagnięta część należności jest wliczana w koszta).

Question 18

ostrożność

Answer 18

Conservatism

Question 19

Pojawienie się nowych transakcji

Answer 19

Jeśli w ciągu roku pojawiają się nowe transakcje zmienia się tylko konto accounts receivable, drugie konto z niepewnymi należnościami jest aktualizowane tylko raz, na koniec roku (zazwyczaj, nie zawsze).

Question 20

Szacowanie (nie)ściągalnych należności

Answer 20

Percentage-of-sales: sales were $1000000, 2% of them won’t be paid.

Percentage-of-receivables: at year’s end our receivables are $200000, 4% won’t be paid (IAS says this method needs to be used, not the sales one).

Aging schedule - you have to divide your receivables based on their age.

Question 21

Factor (faktor)

Answer 21

company charging a commission for collecting receivable from custome

Question 22

Działanie faktora

Answer 22

If there’s a sale without guarantee, only the factor needs to worry about the payment from customers.
If it’s a sale with guarantee, the seller needs to pay the factor and expect money from the customer again.

Question 23

Credit/debit card sales

Answer 23

With debit card, sellers get money from customers right away. With credit card, it takes more time.

Question 24

Notes receivable

Answer 24

Notes receivable are used to settle accounts receivable, e.g. an invoice saying that customer has to pay $100 until 10th May. If customers says he can’t pay until that day we can postpone it, but demand an interest and signing a note.

To the payee (person paying), the promissory note is a note receivable.

To the maker (person getting paid), the promissory note is a note payable.