We cowl merchandising transactions and value movement assumptions.
Merchandising transaction, these transaction that cope with stock, together with the acquisition of stock and the sale of stock. We are going to talk about associated matters together with gross sales reductions, buy reductions, gross sales return and allowances, shrinkage and the price of items bought calculation. We may also evaluate and distinction a perpetual stock system and periodic stock system, itemizing and describing the professionals and cons of every, explaining when every could also be most applicable in follow.
Stock prices and value flows, together with what’s included in the price of stock and easy methods to account for stock freight prices, stock insurance coverage prices, and low cost. We additionally talk about stock movement assumptions together with particular identification, first in first out (FIFO), final in first out (LIFO), and weighted common strategies. FIFO, LIFO and weighted common strategies will probably be mentioned utilizing each a periodic stock system and a perpetual stock system.
Along with educational video, this course will embody downloadable
• Downloadable PDF Recordsdata
• Excel Follow Recordsdata
• A number of Selection Follow Questions
• Quick Calculation Follow Questions
• Dialogue Questions
The PDF information permit us to obtain reference info we will use offline and as a information to assist us work by way of the fabric.
Excel follow information will probably be preformatted in order that we will deal with the adjusting course of and studying a number of the fundamentals of Excel, like addition, subtraction, and cell relationships.
A number of selection instance query helps us enhance our test-taking abilities by lowering the data into the dimensions and format of a number of selection questions and discussing easy methods to method these questions.
Quick calculation questions assist us cut back issues which have some calculation right down to a brief format that may very well be utilized in a number of selection questions.
Dialogue Query will present a possibility to debate these matters with the trainer and different college students, a course of many college students discover very useful as a result of it permits us to see the subject from totally different viewpoints.
Who will we be studying from?
You can be studying from anyone who has technical expertise in accounting ideas and in accounting software program like QuickBooks, in addition to expertise educating and placing collectively curriculum.
You can be studying from anyone who’s a:
• CPA – Licensed Public Accountant
• CGMA – Chartered World Administration Accountant
• Grasp of Science in Taxation
• CPS – Certifies Put up-Secondary Teacher
• Curriculum Growth Export
As a practising CPA the trainer has labored with many technical accounting points and helped work by way of them and talk about them with shoppers of all ranges.
As a CPS and professor, the trainer has taught many accounting lessons and labored with many college students within the fields of accounting, enterprise, and enterprise purposes.
The trainer additionally has plenty of expertise designing programs and studying how college students be taught finest and easy methods to assist college students obtain their goals. Expertise designing technical programs has additionally profit in having the ability to design a course in a logical vogue and cope with issues associated to technical matters and the usage of software program like QuickBooks Professional.
Abstract of what is going to be lined:
- Merchandising Transaction
- Buy of merchandise or stock
- Sale of merchandise or stock
- Perpetual and Periodic Stock System
- We are going to evaluate and distinction the perpetual and periodic stock techniques.
- Gross sales Low cost & Buy Low cost
- It’s straightforward to get the gross sales low cost and buy low cost confused and blended up. We are going to talk about each transactions and easy methods to file them.
- Stock Shrinkage & Gross sales Returns.
- Stock Shrinkage has do do will lack of stock, the issue being easy methods to know it’s misplaced and easy methods to file the loss. Gross sales return are when stock is returned after a sale. We are going to file transactions associated to gross sales returns.
- Monetary Statements – Merchandising Firm
- Monetary statements, particularly the earnings assertion, are usually extra advanced for merchandising firms then service firms.
- Complete Issues
- We should complete issues, on centered on monetary transactions, extra of a mid sized downside. The second complete downside will cowl the total accounting cycle for a merchandising firm, the recording of economic transaction, adjusting entries, monetary statements, and shutting course of.
- Stock Monitoring strategies
- Particular identification methodology
- First in first out (FIFO) methodology
- Final in first out (LIFO) methodology
- Weighted common methodology
- Stock prices
- Fright
- Insurance coverage
- Buy reductions
- Periodic system verses a perpetual system.
- We talk about FIFO, LIFO, and weighted common below every system.
- Key definitions
- Complete downside
Introduction
Introduction
Half One – Merchandising Transactions
Half One – Merchandising Transaction
Half 1 – Accounting Fundamentals and Merchandising Accounting Cycle
2 Accounting Fundamentals and Merchandising Accounting Cycle
100.90 Accounting Constructing Blocks (1)
200 Debits %26 Credit Regular Steadiness – Double Entry Accounting Sy
200 Journal Entry Thought Course of – How To Report Journal Entries
PDF – 1 Working Cycle
1 Accounting Cycle Merchandising Firm
Accounting Comedian Break
Accounting Comedian Break
Half 1 Merchandising Transactions Overview
3 Merchandising Transactions Overview
PDF – 20 Merchandising transaction intro
20 500 – Merchandising Transaction Defined Purchaser and Se
PDF – 30 Merchandising Transaction buy on account
30 500 Merchandising Transaction Journal Entry Purchaser
PDF – 40 Merchandising sale journal entry
40 500 Merchandising Transaction Gross sales Journal Entry – COGS Jou
Accounting Comedian Break
Half 1 Perpetual and Periodic Stock Techniques
4 Perpetual and Periodic Stock Techniques Overview
PDF – 5 Periodic Stock System
10 Periodic Stock System
Excel Obtain
Worksheet Periodic System
PDF – 10 Perpetual Stock System
5 Perpetual Stock System
Excel Obtain
Worksheet – Perpetual Stock System
PDF – 15 Perpetual vs Periodic
15 Perpetual vs. Periodic Stock System
Accounting Comedian Break
Half 1 Gross sales Low cost & Buy Low cost
5 Gross sales Low cost %26 Buy Low cost Overview
PDF – 50 Gross sales low cost vs buy low cost
50 500 Gross sales Low cost VS. Buy Low cost
PDF – 60 Merchandising Transaction buy on account DIscount
60 500 Buy Low cost Journal Entry Defined
PDF – 70 Gross sales low cost journal entry
70 500 Gross sales Low cost Defined Journal Entry Report Discou
Excel Obtain
Worksheet Buy Low cost & Gross sales Low cost
10 A number of Selection Questions Merchandising Firm
Accounting Comedian Break
Half 1 Stock Shrinkage & Gross sales Return
6 Stock Shrinkage %26 Gross sales Returns
PDF – 90 Stock Shrinkage
90 Stock Shrinkage
Excel Obtain
Worksheet – Stock Shrinkage
PDF – 100 Gross sales Return
100 Gross sales Return & Allowance Transaction
Excel Obtain
Worksheet – Gross sales Return
Accounting Comedian Break
Half 1 Monetary Statements – Merchandising Firm
7 Monetary Statements – Merchandising Firm
Single Step Revenue Assertion Assessment
110 500.20 Merchandising Monetary Statements-Accounting directions
20 A number of Selection Questions Merchandising Firm
Quick Calculation 1
30 A number of Selection Questions Merchandising Firm
Accounting Comedian Break
Half 1 Merchandising Transaction Downside
Excel Obtain
500.10 Merchandising Ex Half 1-Accountingpercent2C Monetary (2)
500.20 Merchandising Ex Half 2-Accountingpercent2C Monetary (1)
500.30 Merchandising Ex Half 3-Accountingpercent2C Monetary (1)
500.40 Merchandising Ex Half 4-Accountingpercent2C Monetary (1)
Quick Calculation 2
Accounting Comedian Break
Half 1 Definitions & Key Phrases
45 Bill Definition – What’s Invoicepercent3F
Money Low cost Definition – What’s a Money Discountpercent3F
Credit score Memorandum Definition – What’s a Credit score Memorandumpercent3F
Credit score Interval Definition -What’s a Credit score Periodpercent3F
Credit score Phrases Definition -What are Credit score Termspercent3F
FOB Definitionpercent2C Free on Board – FOB Transport Level – FOB Vacation spot – What’s
Gross Margin Definition – What’s Gross Marginpercent3F
Gross Margin Ratio Definition
Gross Revenue Definition – What’s Gross Profitpercent3F
Gross Revenue Ratio Definition – What’s gross revenue ratio
Stock Definition
Merchandise Definition
A number of-Step Revenue Assertion Definition – What’s a A number of-Step Revenue State
Periodic Stock System Definition – What’s Periodic Stock Systempercent3F
Perpetual Stock System Definition – What’s Perpetual Stock Systempercent3F
Buy Low cost Definition – What’s Buy Discountpercent3F
Gross sales Low cost Definition – What’s gross sales discountpercent3F
Shrinkage Definition – What’s Shrinkagepercent3F
Single-Step Revenue Assertion – What’s a Singe-Step Revenue S
Commerce Low cost Definition – What’s a Commerce Low cost
Wholesaler Definition – What’s a Wholesalerpercent3F
Accounting Comedian Break
Half Two – Stock Prices & Value Flows
Half Two Stock Prices & Value Flows
Half 2 Stock Monitoring & Stock Strategies
2 Stock Monitoring & Stock Strategies
PDF – 10 600 Stock Monitoring Defined – Introduction-Particular Ide
10 600 Stock Monitoring Defined – Introduction-Particular Ide
PDF – 15 600 Stock Strategies Defined and in contrast FIFO LIFO Ave
15 600 Stock Strategies Defined and in contrast FIFO LIFO Ave
Accounting Comedian Break
Half 2 Stock Value, Rules, and Perpetual vs Periodic Stock Techniques
3 Stock Value, Rules, and Perpetual vs Periodic Strategies
PDF – 17 Stock Prices
17 Stock Prices
PDF – 20 Consistency Idea
20 Consistency Idea
PDF – 30 Decrease of Value or Market
30 Decrease of Value or Market
PDF – 40 Perpetual & Periodic Stock Techniques
40 Perpetual & Periodic Stock Techniques
A number of Selection 1 – Stock Value
Accounting Comedian Break
Half 2 Periodic System First In First Out (FIFO)
4 Periodic System First In First Out (FIFO)
PDF – 42 First In First Out (FIFO) Periodic System
42 First In First Out (FIFO) Periodic System
Excel Obtain
Worksheet FIFO Periodic System
A number of Selection 2 – Stock Value
Accounting Comedian Break
Half 2 Periodic System Final In Final Out (LIFO)
5 Periodic System Final In First Out (LIFO)
PDF – 44 Final In First Out LIFO Periodic
44 Final In First Out LIFO Periodic
Excel Obtain
Worksheet Final In First Out (LIFO) Periodic System
Accounting Comedian Break
Half 2 Periodic Weighted Common Methodology
6 Periodic Weighted Common Methodology
PDF – 46 Weighted Common Periodic System
46 Weighted Common Periodic System
Excel Obtain
Worksheet Weighted Common Periodic System
A number of Selection 3 – Stock Value
Accounting Comedian Break
Half 2 Perpetual System Fist In First Out (FIFO)
7 Perpetual System First In First Out (FIFO)
PDF – 50 600 First In First Out FIFO Defined
50 600 First In First Out FIFO Defined
Excel Obtain
Worksheet 600.10 Stock Value Downside First In First Out half 1 Ex.%2C easy methods to
Worksheet 600.20 Stock Value Downside First In First Out half 2 Ex.%2C easy methods to
A number of Selection 4 – Stock Value
Accounting Comedian Break
Half 2 Perpetual System Final In First Out (LIFO)
8 Perpetual System Final In First Out LIFO
PDF – 60 600 Final In First Out LIFO Stock Methodology Defined
60 600 Final In First Out LIFO Stock Methodology Defined
Excel Obtain
Worksheet 600.50 Value Downside Final In First Out LIFO half 1 Ex.%2C easy methods to calc
Worksheet 600.60 Value Downside Final In First Out LIFO half 2 Ex.%2C easy methods to calcul
A number of Selection 5 Stock Value
Quick Calculation 1
Accounting Comedian Break
Half 2 Perpetual System Weighted Common Methodology
9 Perpetual System Weighted Common Methodology
PDF – 70 600 Common Stock Methodology Defined
70 600 Common Stock Methodology Defined
Excel Obtain
Worksheet 600.30 Stock Value Downside Common methodology Half 1 Ex.%2C easy methods to calc
Worksheet – 600.40 Stock Value Downside Common methodology Half 2 Ex.%2C easy methods to c
A number of Selection 6 Stock Value
Quick Calculation 2
Accounting Comedian Break
Half 2 Definitions & Key Phrases
10 Definitions & Key Phrases
Common Value Definition – What’s Common Costpercent3F
Conservatism Constraint Definition – What’s Conservatism Co
Consignee Definition – What’s Consigneepercent3F
Consignor Definition – What’s a Consignorpercent3F
Consistency Idea Definition – What’s Consistency Idea
Days Gross sales in Stock Definition – What’s days gross sales in i
First in First out Definition FIFO – What’s First in First
Gross Revenue Definition – What’s Gross Profitpercent3F (1)
Interim Monetary Statements Definition – What are Interim Monetary Statements%
Stock Turnover Definition – What’s Stock Turnoverpercent3F
Final in First Out LIFO Definition – What’s Final in First ou
Decrease of Value or Market Definition – What’s Decrease of Value o
Web Realizable Worth Definition – What’s Web Realizable Val
Retail Stock Methodology Definition – What’s Retail Stock Methodpercent3F
Particular Identification Definition – What’s Particular Identi
Weighted Common Definition – What’s Weighted Common Metho
Accounting Comedian Break
Half Three Complete Downside
Half Three Complete Downside
Complete Downside
11 Complete Downside
Excel Obtain
1 Accountingpercent2C Monetary – Comp Downside Merchandising Co Journal Entries Half 1
2 Accountingpercent2C Monetary – Comp Downside Merchandising Co Journal Entries Half 2
3.5 Accountingpercent2C Monetary – Comp Downside Merchandising Co Journal Entries Half
4 Accountingpercent2C Monetary – Comp Downside Merchandising Co %282percent29. Journal Entri
5 Accountingpercent2C Monetary – Comp Downside Merchandising Co. Journal Entries Half
6 Comp Downside Merchandising Co. Adjusting Entries Half 6
7 Accountingpercent2C Monetary – Comp Downside Merchandising Co. Adjusting Entries Par
8 Accountingpercent2C Monetary – Comp Downside Merchandising Co. Monetary Statements
9 Accountingpercent2C Monetary – Comp Downside Merchandising Co. Monetary Statements
10 Accountingpercent2C Monetary – Comp Downside Merchandising Co. Monetary Statements
11 Accountingpercent2C Monetary – Comp Downside Merchandising Co. Monetary Statements
12 Accountingpercent2C Monetary – Comp Downside Merchandising Co. Closing Entries Half
13 Accountingpercent2C Monetary – Comp Downside Merchandising Co. Closing Entries Half
Accounting Comedian Break
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