Enroll Course: https://www.udemy.com/course/inventory/
In the world of accounting, inventory management is a cornerstone, impacting profitability and financial reporting significantly. If you’re looking to gain a solid understanding of inventory accounting principles and practices, a particular Udemy course stands out for its clarity and comprehensiveness. This course aims to demystify inventory accounting techniques, covering the accounting treatment for various inventory-related issues with illustrative examples. It meticulously explains all the concepts needed by anyone working in inventory accounting, making it essential for both recent graduates and experienced professionals seeking to grasp the complete inventory cycle.
The curriculum delves into the crucial role of inventory in the income statement and gross profit, highlighting the importance of meticulous inventory care. It clarifies the position of inventory within the chart of accounts and distinguishes between different types of warehouses in both trading and industrial companies. The course provides a precise definition of inventory, enabling learners to identify which goods qualify as inventory and which do not. It walks you through the accounting for purchased goods and their addition to warehouses, as well as the accounting for sold goods or those dispatched from warehouses.
A key focus is placed on the distinction between determining the cost of purchased goods and the cost of goods sold. The course covers the necessary journal entries for both perpetual and periodic inventory systems. It details the accounting treatment for purchases under the perpetual system and then contrasts it with the periodic system. Furthermore, it provides step-by-step guidance on valuing ending inventory and calculating the cost of goods sold. Practical examples, including the application of the cost or market, whichever is lower rule, and its accounting treatment, are thoroughly explained. The course also covers the use of the stock card, demonstrating how to record transactions and extract the stock balance, and how to identify and account for inventory shortages.
Overall, this course is an invaluable resource for anyone aiming to excel in inventory accounting. Its clear explanations, practical examples, and comprehensive coverage of both fundamental and advanced topics make it a highly recommended learning experience.
Enroll Course: https://www.udemy.com/course/inventory/