Inventory can be the largest asset that a company owns, and is one of the most complexes to track and value. This presents a risk to the accountant, since an inventory misstatement could be large enough to seriously alter the financial statements. In accounting for Inventory, this course present every issue that the accountant might need in dealing with all situations.
On completion of this course you should be able to:
Gain a wide knowledge of counting systems, cost layering, standard costing, overhead allocation, the lower of cost or market rule, disclosures, transfer pricing, budgeting, and measurements.
Understand how to improve inventory record accuracy, assign costs to inventory, and set up a complete system of Inventory controls.
Apply methods and techniques to create and maintain a comprehensive system of inventory accounting.
List the various types of accounting activities that relate to it.
Decide which of the accounting activities are actually needed.
Overview of Inventory
The Definition of Inventory
Accounting for Inventory
Inventory in a Push Environment
Inventory in a Pull Environment
Periodic and Perpetual Inventory Systems
Inventory Record Accuracy
Inventory record errors
Environmental and employee factors impacting record accuracy