Accounting

National Accounting Academy (NAM) is an accounting firm that fulfills the many outsourcing needs of small company bookkeeping and accounting functions. You have just been hired as a training coordinator at NAM. Your job is to create training manuals for NAM to help employees brush up their accounting skills.
Format:
Post your assignment to the Discussion Area by Saturday, November 23, 2013 in a 1-2 page memo (12 pt. font) prepared in a Microsoft Word document. Your job is to explain the following items to the new employees in its own respective paragraph. The memo should be single spaced and explain the following from this week- chapters:
Identify the differences between service and merchandising companies and explain the recording of purchases and sales under a perpetual inventory system. Explain the computation and importance of gross profit. Describe the steps in determining inventory quantities and explain the accounting for inventories and discuss the different inventory cost flow methods. Explain the financial effects on the balance sheet and income statement of the inventory cost flow assumptions (assume rising prices). Explain the lower-of-cost-or-market basis of accounting for inventories and indicate the effects of inventory errors and how to compute and interpret the inventory turnover ratio. You may use the description in each of these bullet points to start the section. This will help the reader navigate though your memo. The reason for the memo style for this assignment is to prepare you for what can be expected of you in a work situation. Spend time on organizing your thoughts into meaningful sentences. You are not only going to be graded on your knowledge of the material but on the presentation and structure of the memo as well. Remember that each topic should have its own respective paragraph.