TAILIEUCHUNG - Lecture International accounting: Chapter 5 - Nguyễn Quốc Nhất

Lecture "International accounting - Chapter 5: Merchandise inventory" has content: Accounting principles and inventories, inventory costing methods, inventory accounting in a perpetual system, inventory accounting in a perpetual system. | International Financial Accounting Chapter 5: Merchandise Inventory Learning Objectives Chapter 5: Merchandise Inventory MA. Nguyen Quoc Nhat Accounting Principles and Inventories Consistency Principle Disclosure Principle Materiality Concept Accounting Conservatism Accounting Principles and Inventories Disclosure Principle Company should report enough information for outsiders to make wise decisions about the company. In short, the company should report relevant, reliable, and comparable information about itself. All major accounting decisions are described in the footnotes to the financial statements MA. Nguyen Quoc Nhat- Define accounting principles related to inventory Define inventory costing methods Account for perpetual inventory using the three most common costing methods Compare the effects of the three most common inventory costing methods Apply the lower-of-cost-or-market rule to inventory Measure the effects of inventory errors Estimate ending inventory by the gross profit method Accounting Principles and Inventories Consistency Principle Businesses should use the same accounting methods from period to period. Consistency helps investors compare a company’s financial statements from one period to the next. Accounting Principles and Inventories Materiality Concept A company must perform strictly proper accounting only for significant items. Information is significant—or, in accounting terms, material—when it would cause someone to change a decision. 1 International Financial Accounting Chapter 5: Merchandise Inventory Accounting Principles and Inventories Accounting Conservatism means exercising caution in reporting items in the financial statements. Inventory Costing Methods GAAP allows are as follows 1. Specific unit cost 2. First-in, first-out (FIFO) cost 3. Last-in, first-out (LIFO) cost 4. Average cost Inventory Costing Methods 2. First-in, first-out .

• Kế toán - Kiểm toán
• Lecture International accounting
• International accounting
• Merchandise inventory
• Accounting principles
• Inventory costing methods
• Inventory accounting
• International convergence
• Financial reporting
• International accounting standard
• International federation of accountants
• Comparative accounting
• Accounting environment
• Accounting profession
• Accounting regulation
• Kế toán quốc tế
• Bài giảng Kế toán quốc tế
• International taxation
• International business decisions
• Corporate income tax
• Tax jurisdiction
• Corporate governance
• International trends
• International diversity
• The adjusting process
• Accrual accounting versus cash basis
• Other accounting principles
• Two categories of adjusting entries
• The adjusted trial balance
• Completing the accounting cycle
• The worksheet
• Closing the accounts
• Classifying assets
• Liabilities and payrol
• Current liabilities of known amount
• Current liabilities
• Accounting for payroll
• Worldwide accounting diversity
• Accounting diversity
• Inflation accounting
• Inflation accounting internationally
• Consolidated financial statements
• Foreign capital markets
• Financial statements
• Auditing research
• Accounting research
• International research
• Environment of international research
• International accounting environment
• International accounting standards board
• International business
• Foreign customer
• International financial reporting standards
• Intangible assets
• International transfer pricing
• Cost minimization
• International corporate social reporting
• Corporate social reporting
• Foreign exchange risk
• Foreign direct investment
• Intangibles acquired
• Internally generated intangibles
• Performance evaluation
• Transfer pricing
• External reporting
• Regulating CSR practices