2015年ACCA试《F3财务会计》辅导资料11.docVIP

2015年ACCA考试《F3财务会计》辅导资料11 本文由高顿ACCA整理发布，转载请注明出处 　　Session 6 Inventory System? 　　Main Contents: ? 　　1.Adjustment for inventory in the financial statements ? 　　2.Recording inventory in the ledger accounts ? 　　3.Valuation of inventory ? 　　4.IAS 2 Inventories ? 　　6.1 Adjustment for inventory in the financial statements ? 　　● Continuous and Periodic inventory records ? 　　Two distinctly different inventory systems, perpetual and periodic, are used to determine the amounts reported for ending stock and cost of goods sold, in order to calculate gross profit and preparing for balance sheet. ? 　　Continuous inventory system: ? 　　Involves keeping a current and continuous record of all stock transactions on an inventory card or computer record for each type of inventory item held. ? 　　- Provide more timely information for inventory controlling and planning ? 　　- But involves much clerical work, and is normally used for businesses that sell stock of high value. ? 　　Periodic inventory records: ? 　　Is the formal title for a business to count its inventory at the balance sheet date. ? 　　- are cheaper in most situations than the costs of maintaining continuous inventory records ? 　　- areless time-consuming in maintaining inventory records ? 　　- Even if there is a continuous inventory record, there will still be a need to check the accuracy of the information recorded by having a physical check of some of the inventory lines. ? 　　Inperiodic inventory system, the beginning balance inthe stock accountis not changed until the end of the accounting period.The costs of additional stock purchases during the year are recorded in the Purchase Journal.When an item of stock is sold, only one entry is made and that is to record the sales at selling price. ? 　　● Cost of sales ? 　　- Opening inventory must be included in cost of sales as these goods are unsold goods in inventory at the beginning of period and are available for sale along with purchases during the year. ? 　　- Closing inventory must