Financial Accounting–Inventory & Merchandising Transactions

We cowl merchandising transactions and price circulation assumptions.

Merchandising transaction, these transaction that cope with stock, together with the acquisition of stock and the sale of stock. We will focus on associated matters together with gross sales reductions, buy reductions, gross sales return and allowances, shrinkage and the price of items offered calculation. We may even evaluate and distinction a perpetual stock system and periodic stock system, itemizing and describing the professionals and cons of every, explaining when every could also be most acceptable in follow.  

Inventory prices and price flows, together with what’s included in the price of stock and account for stock freight prices, stock insurance coverage prices, and low cost. We additionally focus on stock circulation assumptions together with particular identification, first in first out (FIFO), final in first out (LIFO), and weighted common strategies. FIFO, LIFO and weighted common strategies will probably be mentioned utilizing each a periodic stock system and a perpetual stock system. 

In addition to educational video, this course will embrace downloadable

•    Downloadable PDF Files

•    Excel Practice Files

•    Multiple Choice Practice Questions

•    Short Calculation Practice Questions

•    Discussion Questions

The PDF recordsdata permit us to obtain reference data we are able to use offline and as a information to assist us work via the fabric.

Excel follow recordsdata will probably be preformatted in order that we are able to concentrate on the adjusting course of and studying among the fundamentals of Excel, like addition, subtraction, and cell relationships.

Multiple alternative instance query helps us enhance our test-taking abilities by lowering the data into the dimensions and format of a number of alternative questions and discussing strategy these questions.

Short calculation questions assist us cut back issues which have some calculation right down to a brief format that might be utilized in a number of alternative questions.

Discussion Question will present a possibility to debate these matters with the teacher and different college students, a course of many college students discover very useful as a result of it permits us to see the subject from totally different viewpoints.

Who will we be studying from?

You will probably be studying from someone who has technical expertise in accounting ideas and in accounting software program like QuickBooks, in addition to expertise educating and placing collectively curriculum.

You will probably be studying from someone who’s a:

•    CPA – Certified Public Accountant

•    CGMA – Chartered Global Management Accountant

•    Master of Science in Taxation

•    CPS – Certifies Post-Secondary Instructor

•    Curriculum Development Export

As a working towards CPA the teacher has labored with many technical accounting points and helped work via them and focus on them with shoppers of all ranges.

As a CPS and professor, the teacher has taught many accounting lessons and labored with many college students within the fields of accounting, enterprise, and enterprise purposes.

The teacher additionally has lots of expertise designing programs and studying how college students be taught finest and assist college students obtain their targets. Experience designing technical programs has additionally profit in with the ability to design a course in a logical trend and cope with issues associated to technical matters and using software program like QuickBooks Pro.

Summary of what is going to be coated: 

• Merchandising Transaction
• Purchase of merchandise or stock
• Sale of merchandise or stock
• Perpetual and Periodic Inventory System
• We will evaluate and distinction the perpetual and periodic stock techniques. 
• Sales Discount & Purchase Discount
• It is straightforward to get the gross sales low cost and buy low cost confused and blended up. We will focus on each transactions and report them. 
• Inventory Shrinkage & Sales Returns. 
• Inventory Shrinkage has do do will  lack of stock, the issue being know it’s misplaced and report the loss. Sales return are when stock is returned after a sale. We will report transactions associated to gross sales returns. 
• Financial Statements – Merchandising Company
• Financial statements, particularly the revenue assertion, are usually extra complicated for merchandising corporations then service corporations. 
• Comprehensive Problems
• We should complete issues, on centered on monetary transactions, extra of a mid sized drawback. The second complete drawback will cowl the complete accounting cycle for a merchandising firm, the recording of economic transaction, adjusting entries, monetary statements, and shutting course of. 
• Inventory Tracking strategies
  • Specific identification technique
  • First in first out (FIFO) technique
  • Last in first out (LIFO) technique
  • Weighted common technique
• Inventory prices
  • Fright
  • Insurance
  • Purchase reductions
• Periodic system verses a perpetual system. 
  • We focus on FIFO, LIFO, and weighted common beneath every system. 
• Key definitions
• Comprehensive drawback

Who this course is for:

• Accounting college students
• Business proprietor
• Anyone who whats to be taught accounting