Financial Accounting Inventory

This module is an excellent course for beginners as well as intermediate learners. We begin from the basics and systematically work through financial accounting topics all the way through. Since theory and principles are what accounting is, we will discuss accounting theory. We need to study theory so that in the real world we can make suitable changes. Without knowing the theory, studying procedures would make us inflexible and unable to adjust to the ever-changing environment. As we apply them to systems, we will understand the principle. In format, financial accounting is relatively structured. In other words, most accounting institutions, mostly in almost the same order, would cover a lot of the same subjects. We recommend that you look up a standard accounting textbook, review the index, and compare the subjects with the courses you are considering buying. We agree that this course will match well with the needs of everyone who wants to learn financial things. The very large concepts covered in digestible parts will be broken down by us. We will arrange those pieces in a way that logically builds on each other, enabling us to systematically, practically, and efficiently improve our knowledge.

Skills You Will Master:

Variable Costing – In this topic we will see Variable costing which is a term used in management and cost accounting in which the fixed overhead of production is removed from the cost of production of the product.

By Product Costing – Let’s see in this section Product costing that are used when a corporation has a production process from which finished goods are separated at a later stage of manufacturing.

Net Realizable Value – In this section we will learn Net realizable value is the value of an asset, less a fair estimate of the costs associated with the actual selling or disposal of the asset, that can be realized upon the sale of the asset. NRV is a common approach used for determining the value of an asset for inventory accounting.

Operating Income – In this section we will discuss operating income which is an accounting figure that measures the amount of profit realized from a business’s operations, after deducting operating expenses such as wages, depreciation, and cost of goods sold.

Cost Drivers – In this topic we will see cost driver that derives the expenses and sets a basis on which a particular cost is to be allocated.

Strategies of Cost Drivers – Here we will see the strategies of cost drivers which is based on the belief that activities cause costs and therefore a link should be established between activities and product.

Absorption Costing – In this section let us see the method of calculating the cost of a product or enterprise by taking into account indirect expenses as well as direct costs.