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.
Inventory. Periodic and Perpetual Inventory Systems. Inventory record Accuracy. Inventory Counting and Reconciliation. Estimating Ending Inventory. Inventory Cost Layering. Standard Costing Inventory. Job Costing. Process Costing. Overhead Allocation. Obsolete Inventory. Lower of Cost or Market Rule. Inventory Spoilage Rework, and Scrap. Joint and By-Product Costing. Inventory Disclosures. Inventory Transactions. Internal Revenue Code for Inventory. Inventory Transfer Pricing. Inventory Controls. Fraudulent Inventory Transactions. Inventory Policies. Inventory Budgeting. Inventory Measurements.
CPAs, CFOs, controllers, financial professionals, and auditors.
Identify the types of inventory and recognize the timing of inventory ownership. Specify the situations in which the periodic and perpetual inventory systems should be used, and how the perpetual system can be enhanced. Identify the situations that can cause incorrect inventory transactions. Recognize the activities needed to establish a system of inventory record keeping, and how such a system may be rendered less accurate, and more.
Steven Bragg, Western CPE
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 Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).
Non-Member Price $404.00
Member Price $351.00