Financial Accounting (ACCT 102) Inventory, Receivables, and Statement Effects Practice Problems
Indiana University Bloomington
Financial Accounting (ACCT 102) | Practice Problems

Overview
A practice set on inventory cost flow, receivables, bad debt, and how transactions move through statements.

Key topics
•inventory methods
•accounts receivable and allowance
•bad debt estimation
•statement effects

Suggested study tasks
•record one inventory and one receivable transaction
•compare statement effects under two methods
•rebuild a simple balance sheet after adjustments

Common pitfalls
•forgetting contra accounts
•mixing expense recognition timing
•changing one statement without updating the others