Accounting Bookkeeping - Inventory Accounting Video
Watch here video Accounting Bookkeeping - Inventory Accounting.
Inventory is one of the most important assets business owns. Depending on the type of activities the business performs inventory can be composed of different types. This video provides these main types and shortly covers rule how inventory should be valued.
For the accounting purposes inventory is valued at cost. Cost must not only include acquisition cost, but also expenses incurred and directly related to inventory, i.e. import duties, transportation costs (carriage in), other costs directly attributable to inventory. Trade discounts must be exlcluded.
Taking into account inventory accounting, the main inventory types are:
finised goods for sale
goods purchsed for resale
work in progress
raw materials
consumables
Watch Accounting Bookkeeping Inventory Accounting video below:
New Video Course "Accounting Skills In 30 Steps"
Learn Intermediate Accounting with the new comprehensive video course Accounting Skills In 30 Steps. It includes 30 essential steps you should follow to get accounting knowledge or improve your current one. Also you will have a possibility to practice your knowledge with the exercises and problems included. Watch, listen, practice and learn with Accounting Skills In 30 Steps.
