Scribble in the workbook as you see the video and make your own unique notes.
Š MeraSkill
Inventories
By Sheela Warrier MeraSkill.com Š MeraSkill
INVENTORIES
Index Terminology Business Flow Types of Inventory Why Inventory Valuation? Quiz 1 Basis of Inventory Valuation Purchase Cost Methods of Inventory Valuation Quiz 2 Accounting Records vs Cost Records Inventory Record System Stock Taking Quiz 3
Š MeraSkill
Terminology
Terminology Current Assets - assets that can be converted to cash within a year Current Liabilities- obligations that have to be met within a year Working Capital = Current Assets - Current Liabilities Liquidity - the degree of ease of conversion of an asset to cash Current Ratio = Current Assets / Current Liabilities Direct Cost - cost that can be identified with the product Overhead - indirect cost and cannot be identified with a specific product Gross Profit Margin = (Gross Profit / Net Sales) x 100 Accounting Standards- ensure uniformity in the preparationof financial statements Š MeraSkill
Business Flow
Purchase Inflow of Inputs
Purchase Market
Cash outflow on Purchase
Store
Production
Product or Services
Warehouse
Sales Outflow of Output
Sales Market
Cash Inflow from Sales
Š MeraSkill
Types of Inventory
Production Process at Home
Š MeraSkill
TRADER
MANUFACTURER
BUYS
BUYS
SELLS
MAKES
SELLS
Types of Inventory Inventories are currents assets held
for sale in the ordinary course of business
in the form of materials and supplies to be consumed in the process of production or rendering of services
in the process of production for such sale
as maintenance supplies and consumables other than machinery spares
Š MeraSkill
• How to Learn from us : 1.
Free excellent simplified video course+ Free Quiz
2.
Scribble in the workbook as you see the video course
3.
Workbook makes to an active learner, you work along the course.
4.
Workbook helps to revise things quickly.
5.
Workbook ensures you cover all the concepts & points.
6.
Any query experts help you resolve them
7.
Updates, modifications , important points are shared in the group
8.
Mistakes in Quiz are reviewed and discussed by the expert
9.
Videos+ Workbook +Quiz+ Doubt Solving + Mentoring .. Your success !
Š MeraSkill
• Get Physical Notes delivered to your home. • WhatsApp us @ 8692900017 • Visit MeraSkill.com • Video (Free)+ Workbook+ Quiz (Free)+ Query resolution + Mentoring • Happy Learning! © MeraSkill