Accounting - Measuring and Reporting Inventory

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Start Date On demand
Accounting - Measuring and Reporting Inventory

Course Details

Cost

FREE,
Add a Verified Certificate for €21

Upcoming Schedule

  • On demand

Course Provider

Alison online courses
Welcome to ALISON – a three million-strong, global online learning community, filled with free, high-quality resources to help you develop essential, certified workplace skills. ALISON was founded in 2007 by global leader and innovator Mike Feerick. Our mission at ALISON is simple: to enable you, wherever you are in the world, to learn and get certified – at your own pace – using our free, interactive, multimedia. There are 600 free courses for you to choose from: * Finan...
Welcome to ALISON – a three million-strong, global online learning community, filled with free, high-quality resources to help you develop essential, certified workplace skills. ALISON was founded in 2007 by global leader and innovator Mike Feerick. Our mission at ALISON is simple: to enable you, wherever you are in the world, to learn and get certified – at your own pace – using our free, interactive, multimedia. There are 600 free courses for you to choose from: * Financial & Economic Literacy * Digital Literacy & IT Skills * Diploma Courses * Health Literacy * Health & Safety (Irish Legislation Only) ALISON is for anyone taking their first step to a new job, and for everyone taking their next step to a better job. ALISON is as individual as you are. Our materials will help you to develop your creativity, confidence and competence for work, and to be as contented and productive as you can be in the world of work. Every course is standards-based and certified. That means bragging rights with family and friends, an edge in your first job or new job, and inspiration to be all you can be. So now get ready for a bright new future!

Provider Subject Specialization
Humanities
Business & Management
17 reviews

Course Description

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 understan...

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.

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