Professional Accounting for Inventory Fundamentals
Understand inventory types and when ownership actually transfers. Participants learn when a periodic system is appropriate and how a perpetual system can be strengthened, along with inventory estimation methods and the accounting treatment each requires.
- Understand the types of inventory and recognize the timing of inventory ownership.
- Identify the situations in which the periodic inventory system should be used, and how the perpetual system can be enhanced.
- Recognize Inventory estimation methods.
- Identify the accounting for and uses of a job costing system.
- Understand the calculation methods and inputs needed to operate a process costing system.
- Understand the accounting treatment for spoilage, scrap and rework.
- Identify the methods of allocation for joint costs and by-products.
- Recognize the disclosures associated with inventory.
- Identify the contents of the various accounting entries needed to record inventory transactions.
- Understand the controls that can be used in the purchasing, receiving, and shipping of inventory.
- Recognize the calculation methods used for the various budgets that include inventory, as well as the issues to consider when constructing these budgets.
- Recognize and correctly measure inventory under International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).
Location
Courses may be conducted at one of the following hotels in Kuwait:
- Hilton Garden Inn Kuwait – The Avenues
- Hilton Kuwait Resort – Mangaf
- Jumeirah Messilah Beach Hotel & Spa
- Radisson Blu Hotel Kuwait
Or at the client’s premises.
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