Enroll Course: https://www.udemy.com/course/inventory/
Navigating the complexities of inventory accounting can be a daunting task for any professional, whether you’re a fresh graduate or a seasoned accountant. However, a new Udemy course, simply titled ‘Inventory,’ promises to demystify these critical processes. This course delves deep into the accounting treatment for a wide array of inventory-related issues, supported by clear, illustrative examples. It aims to equip learners with all the essential concepts needed for effective inventory management.
The course highlights the crucial role of inventory in financial statements, specifically its impact on the income statement and gross profit. It underscores the importance of meticulous inventory care and clarifies the placement of inventory within the chart of accounts. Furthermore, it differentiates between the types of warehouses found in both trading and industrial companies, providing a precise definition of inventory to distinguish between goods that qualify as inventory and those that do not.
Key topics covered include the accounting for purchased goods and their addition to warehouses, as well as the accounting for sold goods or those dispatched from warehouses. The course clearly explains the difference between determining the cost of purchased goods and the cost of goods sold. It meticulously details the necessary journal entries for both perpetual and periodic inventory systems. The accounting treatment for purchases under both systems is thoroughly explained, alongside step-by-step guidance on valuing ending inventory and calculating the cost of goods sold.
A practical example demonstrating the application of the ‘cost or market, whichever is lower’ rule is included, along with its accounting treatment. The course also provides a detailed explanation of the ‘item card’ (kart al-sanf), covering how to record information and extract the item’s balance, and how to identify any inventory shortages. The accounting treatment for such shortages is also addressed.
Overall, this ‘Inventory’ course on Udemy appears to be an invaluable resource for anyone involved in inventory accounting. Its comprehensive coverage, practical examples, and clear explanations make it a highly recommended learning experience for accountants seeking to fully understand the inventory cycle and improve their management skills.
Enroll Course: https://www.udemy.com/course/inventory/