Periodic Inventory System Definition & Example The Periodic inventory system is also called a traditional inventory system. According to this system, the physical counting of inventory is made at the end of a certain period. This is the traditional costing system. After determining the cost of goods sold, cost of inventory is determined to deduct the cost …
Financial Accounting-II is the subject of the students of the second semester or first year. Who studies at Pokhara University’s (PUs) affiliated colleges. Financial Accounting-II studied in the course of BBA | BBA-BI | BBA-TT | BCIS | BCA.
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Inventories and cost of goods sold
It includes the nature of inventory, cost of goods sold model; perpetual and periodic inventory accounting system, inventory valuation, inventory costing methods; First in first out (FIFO), Last in last out (LIFO), Weighted average and Specific identification; methods of inventory estimation; Retail inventory method, Gross profit method.
Account receivable and notes receivables; recognizing accounts receivable, valuation of account receivables, methods of accounting for doubtful and uncollectible debt, balance sheet presentation.
Property, Plant, and Equipment
Nature of operating assets, acquisition cost, concepts of capital and revenue expenditure, depreciation concepts, methods (straight-line method, double declining balance method, and units of production method), disposal of assets and accounting for gains and losses.
Account payable, notes payable, current portion of long-term liabilities, contingent liabilities, and other current liabilities.
Bonds payable; Amortization of bonds premium or discount, the redemption of bonds at and before maturity.
Lease: Operating and financial lease, Balance sheet presentation.
Stockholder’s Equity and Dividends
Components of the stockholder’s equity section of the balance sheet; types of stock; common and preferred, types of preferred stocks, dividends; meaning and types of dividend, stock spit; stock dividend and stock split.
Inventory Costing Methods Inventory costing: Periodic and Perpetual Inventory System In other to keep records of inventory the cost of inventory is to be determined. The inventory cost includes the purchase price of inventory, wages, transportation, and other cost incurred while bringing the inventory to the business place. There are two approaches to inventory costing …
Inventory Definition, types, and Cost of goods sold (COGS) Inventory is the good held by the business for consumption or resells purpose. Inventories items differ in an organization to another organization as according to the nature of business activity. Inventories are the major business products for which the organization is dealing on or supposed to …