Accounting - Measuring and Reporting Inventory

0 votes
Free
Accounting - Measuring and Reporting Inventory

Merchandising retailers and wholesalers use inventory costs to calculate the cost of goods sold as these are a major expense affecting net income and the balance sheet. In this free online accounting course learners are brought step-by-step through this process from the physical counting of goods, to the inclusion of costs such as transport or insurance, to the calculation on the value of the goods thereby connecting the cost of goods through to retained earnings and the balance sheet. The different methods of apportioning costs to a stock item, such as FIFO and LIFO, are discussed and topics such as net realization or gross margin are explained and explored. The importance of having accurate inventory figures and the serious consequences of using inaccurate inventory figures is also explained. This free online accounting course will be of great interest to entrepreneurs and business professionals who would like to better understand how to allocate inventory costs flow for the wholesale and retail sectors, and to any learner who is interested in accounting as a future career.<br />

Categories: Business

Comments

Alternatives

-- no alternatives found for the course --
If you know any alternatives, please let us know.

Prerequisites

-- no prerequsites found for the course --
If you can suggest any prerequisite, please let us know.

Paths

No Paths inclusing the course. You can build and share a path with this course included.

Certification Exams

There are exams from independent organizations where you can get certification after completion of the course. t k='certificationexamsallprov' g='dir' p1=$course.vname}

1 0

The Excelsior College Examination in Financial Accounting measures knowledge and understanding of material typically taught in a l…

Details

The Financial Accounting examination covers skills and concepts that are generally taught in a first-semester undergraduate financ…

Details


Similar courses

Courses related to the course subject

For any business or organization, the need to control and monitor cash transactions to ensure the efficient operation of the busin…

In this course you will learn how to account for and manage receivables and payables. For the receivables you will learn how to ca…

13 0 0

A series of 17 videos describing the essential ideas typically covered in a university-level accounting principles cours…

16 0 0

In this free online accounting course you will be introduced to accounting and its use in making business decisions. You will lear…

This course introduces the basic financial statements used by most businesses, as well as the essential tools used to prepare them…

2 0 0

Gain a marketable new skill by learning the basics of double-entry bookkeeping, financial reporting, and more.

This course introduces the body of theory underlying accounting procedures. It puts the core practices and principles, covered in…

This free online course looks at the way in which the buying and selling of goods is accounted for in the merchandising sector as…

This course examines the underlying concepts, processes, and accountability function of accounting and the scientific foundation f…

Details:

Let us know when you did the course Accounting - Measuring and Reporting Inventory.

Started on: Completed on:
Your grade (if any):
Comments:

Add the course Accounting - Measuring and Reporting Inventory to My Personal Education Path.

Start the course on:
Duration of study:
Notes:

Successfully added to your path.

View your path

Select what exam to connect to the course. The course will be displayed on the exam page in the list of courses supported for certification with the exam.


Notes about how the exam certifies students of the course (optional):