Summary
Summary Inventory systems
These notes cover the different types of inventory systems (perpetual and periodic) as well as stock valuation methods (specific identification, FIFO and weighted average). These notes cover the recording of the trading stock, cost of sales, sales and trading accounts as well as calculations to determine value of closing stock, number of units sold/unsold, weighted average cost per unit, carriage, profit, sales and cost of sales. The trading account and profit and loss is also covered.
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Institution
Maris Stella School
Course
Accounting
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Connected book
Written for
- Institution
-
Maris Stella school
- Course
-
Accounting
Document information
- Summarized whole book?
- Unknown
- Uploaded on
- October 21, 2020
- Number of pages
- 5
- Written in
- 2020/2021
- Type
- SUMMARY
Subjects
- inventory
- trading stock
- stock valuation
- systems
- perpetual
- periodic
- weighted average
-
fifo
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first in first out
-
specific identification
-
sales
-
cost if sale
-
trading account
-
profit and loss
-
carriage
-
customs
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Matric Accounting notes (IEB) - All sections included
6
13
2020
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