CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Accounting for Inventory

Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
13 Credits: Accounting

Course Description

Inventory can be the largest asset that a company owns, and is one of the most complex to track and value. This presents a risk to the accountant, since an inventory misstatement could be large enough to alter the financial statements significantly. This course presents every issue that the accountant might need to create and maintain an accurate and comprehensive system of inventory accounting. Topics covered include inventory record accuracy, how to count inventory, the costs to assign to inventory, when to adjust recorded balances, and much more.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the types of inventory and recognize the timing of inventory ownership.

Chapter 2

  • Specify the situations in which the periodic and perpetual inventory systems should be used, and how the perpetual system can be enhanced.

Chapter 3

  • Identify the situations that can cause incorrect inventory transactions.

Chapter 4

  • Recognize the activities needed to establish a system of inventory record keeping, and how such a system may be rendered less accurate.

Chapter 5

  • Estimate ending inventory using the retail method.

Chapter 6

  • Identify the contents and calculation methods used for all systems of cost layering.

Chapter 7

  • Recognize the calculation methods for and causes of variances from standard costs.

Chapter 8

  • Identify the accounting for and uses of a job costing system.

Chapter 9

  • Specify the calculation methods and inputs needed to operate a process costing system.

Chapter 10

  • Specify the contents of and controls over the use of overhead.

Chapter 11

  • Identify who is responsible for spotting obsolete inventory, as well as the methods used to account for it.

Chapter 12

  • Recognize the cost classifications used in the lower of cost or market rule.

Chapter 13

  • Specify the accounting for spoilage, scrap, and rework.

Chapter 14

  • Identify the methods of allocation for joint costs and by-products.

Chapter 15

  • Recognize the disclosures associated with inventory.

Chapter 16

  • Identify the contents of the various accounting entries needed to record inventory transactions.

Chapter 17

  • Identify the rules promulgated by the Internal Revenue Service that relate to inventory.

Chapter 18

  • Itemize the pricing methods that can be used to compile transfer prices between subsidiaries, as well as the issues associated with each one.

Chapter 19

  • Identify the controls that can be used in the purchasing, receiving, and shipping of inventory.

Chapter 20

  • Specify the kinds of inventory-related activities that can be fraudulently employed to alter financial results or steal assets.

Chapter 21

  • Identify those policies that can be used to support accounting transactions related to inventory.

Chapter 22

  • Recognize the calculation methods used for the various budgets that include inventory, as well as the issues to consider when constructing these budgets.

Chapter 23

  • Specify how the results of various inventory measurements can be interpreted, when these measurements should be used, and the types of behavior they can reinforce.

Course Specifics

Course ID
1183387
Revision Date
July 1, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with …

Steven M. Bragg, CPA Read More »

Accounting for Inventory

Expert Instructors
Format
CPE CREDITS
13 Credits: Accounting

$351.00$391.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
13 Credits: Accounting

Course Description

Inventory can be the largest asset that a company owns, and is one of the most complex to track and value. This presents a risk to the accountant, since an inventory misstatement could be large enough to alter the financial statements significantly. This course presents every issue that the accountant might need to create and maintain an accurate and comprehensive system of inventory accounting. Topics covered include inventory record accuracy, how to count inventory, the costs to assign to inventory, when to adjust recorded balances, and much more.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the types of inventory and recognize the timing of inventory ownership.

Chapter 2

  • Specify the situations in which the periodic and perpetual inventory systems should be used, and how the perpetual system can be enhanced.

Chapter 3

  • Identify the situations that can cause incorrect inventory transactions.

Chapter 4

  • Recognize the activities needed to establish a system of inventory record keeping, and how such a system may be rendered less accurate.

Chapter 5

  • Estimate ending inventory using the retail method.

Chapter 6

  • Identify the contents and calculation methods used for all systems of cost layering.

Chapter 7

  • Recognize the calculation methods for and causes of variances from standard costs.

Chapter 8

  • Identify the accounting for and uses of a job costing system.

Chapter 9

  • Specify the calculation methods and inputs needed to operate a process costing system.

Chapter 10

  • Specify the contents of and controls over the use of overhead.

Chapter 11

  • Identify who is responsible for spotting obsolete inventory, as well as the methods used to account for it.

Chapter 12

  • Recognize the cost classifications used in the lower of cost or market rule.

Chapter 13

  • Specify the accounting for spoilage, scrap, and rework.

Chapter 14

  • Identify the methods of allocation for joint costs and by-products.

Chapter 15

  • Recognize the disclosures associated with inventory.

Chapter 16

  • Identify the contents of the various accounting entries needed to record inventory transactions.

Chapter 17

  • Identify the rules promulgated by the Internal Revenue Service that relate to inventory.

Chapter 18

  • Itemize the pricing methods that can be used to compile transfer prices between subsidiaries, as well as the issues associated with each one.

Chapter 19

  • Identify the controls that can be used in the purchasing, receiving, and shipping of inventory.

Chapter 20

  • Specify the kinds of inventory-related activities that can be fraudulently employed to alter financial results or steal assets.

Chapter 21

  • Identify those policies that can be used to support accounting transactions related to inventory.

Chapter 22

  • Recognize the calculation methods used for the various budgets that include inventory, as well as the issues to consider when constructing these budgets.

Chapter 23

  • Specify how the results of various inventory measurements can be interpreted, when these measurements should be used, and the types of behavior they can reinforce.

Course Specifics

Course ID
1183387
Revision Date
July 1, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with …

Steven M. Bragg, CPA Read More »

Accounting for Inventory

Expert Instructors
Format
CPE CREDITS
13 Credits: Accounting

$351.00$391.00

Clear