Identify and State the Historical Significance of the Following

question 6

Short Answer

Identify and state the historical significance of the following:
-Frederick W. Taylor

Understand the perpetual and periodic inventory systems and their impact on accounting records.

Recognize the accounting treatment for sales returns, allowances, and discounts.

Comprehend the significance and calculation of gross profit in merchandising operations.

Differentiate between operating and nonoperating activities for a merchandising company.