更多服务

特色服务

找学习资源

查报考信息

看备考资讯

备考工具箱

报考指南

报考条件

就业前景

报考流程

考试日历

资料中心

注册流程

准考证

免费题库

全部

2015年ACCA考试《F3财务会计》辅导资料11

来源：高顿网校 2015-07-29

　　高顿网校小编为各位ACCA学员整理了科目重点知识点辅导，希望大家查漏补缺，对考试有所帮助。
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 be deducted from cost of sales as these goods are held at the period end and have not been sold.

　　Cost of sales --- Formula

　　Opening inventory value　　　　　　　　　xx

　　Add cost of purchases or production　　　 xx

　　Less closing inventory value　　　　　 (xx)

　　Equals cost of goods sold　　　　　　　　 xx

　　● Cost of carriage inwards and carriage outward:

　　Carriage refers to the cost of transporting purchased goods from the supplier to the premises of the business.

　　Carriage inwards - when the purchaser pays, the cost to the purchaser is carriage inwards

　　- added to the cost of purchases in the income statement and enters into the calculation of gross profit.

　　Carriage outwards - when the supplier pays, the cost to the supplier is known as carriage outwards

　　- is aselling and distribution expense in the income statement.

　　6.2 Recording inventory in the ledger accounts

　　● In the inventory ledger account, the opening inventory will be the brought forward balance from the previous period.This must be transferred to the I.S.

　　Opening inventory:

　　Debit Opening inventory account ( Income Statement)

　　Credit Inventory account ( Balance Sheet)

　　● The closing inventory is entered into the ledger accounts with the following entry:

　　Closing inventory

　　Debit Inventory account ( Balance Sheet)

　　Credit Closing inventory( Income Statement)

　　● Once these entries have been completed, the income statement ledger account contains both opening and closing inventory and the inventory ledger account shows the closing inventory for the period to be shown in the Statement of Financial Position.

　　● Any balance carried forward at the end of an accounting period will become the opening balance at the beginning of the next accounting period.

　　Example 1:

　　Cilla has closing inventory of $5,600 at 30 June.How should this closing inventory be accounted for at 30 June?

　　A.Debit Inventory $5,600, Credit Income statement $5,600

　　B.Debit Inventory $5,600, Credit Balance sheet $5,600

　　C.Debit Income statement $5,600, Credit inventory $5,600

　　D.Debit Balance sheet $5,600, Credit Income statement $5,600

　　Example 2：

　　John had opening inventory of $7,000 at 1 July.How should this opening inventory be accounted for at 30 June?

　　A.Debit Inventory $7,000, Credit Income statement $7,000

　　B.Debit Inventory $7,000, Credit Balance sheet $7,000

　　C.Debit Income statement $7,000, Credit Inventory $7,000

　　D.Debit Balance sheet $7,000, Credit Income statement $7,000

　　● Drawing of inventory – a sole trader takes the inventory out of the business for his own use

　　A form of drawings:

　　Dr.Drawings cost of inventory taken

　　Cr.Cost of sales cost of inventory taken

　　6.3 Valuation of inventory

　　● Inventory consists of

　　- Goods purchased for resale

　　- Consumable stores (such as oils)

　　- Raw materials and components (used in the production process)

　　- Partly finished goods (work-in-process WIP)

　　- Finished goods

　　● Rule of prudence concept

　　- requires that in conditions of uncertainty, a cautious approach should be taken, so that gains and assets are not overstated and losses and liabilities are not understated.

　　IAS 2 Inventories states that Inventories should be valued at the lower of historical cost and net realizable value.This is in conformity with the prudence concept.

　　● Net realizable value

　　NRV is :

　　Estimated selling price (in the normal course of business)

　　Less: estimated costs of completion

　　Estimated costs necessary to make the sale

　　● Methods of calculating inventory costs

　　- Unit cost ( Specific Identification)

　　- Weighted average cost

　　- First-in-first-out (FIFO)

　　- Last-in-first-out(LIFO)

　　Unit cost:

　　This is the actual cost of purchasing identifiable units of inventory

　　● Limited to large or valuable items

　　● Individual units can be easily identified with their cost of acquisition

　　Weighted average cost

　　The weighted average cost per unit of stock is measured by dividing total cost of goods available for sale by total number of units available for sale.The weighted average stock valuation method is further subdivided into:

　　- Moving (continuous average)

　　- Periodic average

　　6.4 IAS 2 - Valuation of inventory:

　　IAS 2 Inventories states that Inventories should be valued at the lower of historical cost and net realizable value.This is in conformity with the prudence concept.

　　IAS 2 provides rules on valuation of inventory as well as disclosure requirements.

　　● Inventories are assets

　　- held for sale in the ordinary course of business, i.e.finished goods

　　- asset in the production process for sale in the ordinary course of business, i.e.work in process

　　- materials and supplies that are consumed in production, i.e.raw materials

　　● Cost should be unit cost (if identifiable), FIFO or AVCO.

　　● Inventories and work-in-progress should be sub-classified in the notes to the

　　financial statements in an appropriate manner; The accounting policies used to value inventory should be disclosed.

　　● Cost includes

　　- costs of purchase

　　- costs of conversion and

　　- other costs incurred in bringing the inventory to its present location and condition.

　　Cost of purchase:

　　Material costs

　　Import duties (tax)

　　Freight

　　Handling

　　(Less rebates/net of trade discounts)

　　Cost of conversion:

　　Direct costs (direct labour, direct material)

　　Production overheads(fixed and variable manufacturing overhead)

　　● Costs excludes

　　- selling costs

　　- storage costs

　　- abnormal waste of materials, labour or other costs

　　- administrative overheads

　　高顿网校温馨提醒

　　各位考生，2015年ACCA备考已经开始，为了方便各位学员能更加系统地掌握考试大纲的重点知识，帮助大家充分备考，体验实战，高顿网校开通了全免费的ACCA题库（包括精题真题和全真模考系统），题库里附有详细的答案解析，学员可以通过多种题型加强练习。戳这里进入ACCA免费题库>>>

ACCA网络课程	课程专业名称	讲师	试听
85%的人正在学习该课程	ACCA 全维度网课体验课程实景课堂与独立录制覆盖所有知识点，根据学习计划推进学习进度	高顿名师
70%的人正在学习该课程	ACCA网课全科卡（8.2折）为零基础刚开始学习ACCA的学员特别定制	高顿名师

　　ACCA考试免费题库【手机题库下载】| 在线直播

　　ACCA高清网课免费体验 ACCA名师精品班免费试听

　　精彩推荐：

ACCA到底是什么意思？

ACCA特许公认会计师职业发展与分析

2015年9月ACCA考试常见问题解析

2015年9月ACCA备考辅导专题　　2014年ACCA考试真题和答案汇总

版权声明：本条内容自发布之日起，有效期为一个月。凡本网站注明“来源高顿教育”或“来源高顿网校”或“来源高顿”的所有作品，均为本网站合法拥有版权的作品，未经本网站授权，任何媒体、网站、个人不得转载、链接、转帖或以其他方式使用。经本网站合法授权的，应在授权范围内使用，且使用时必须注明“来源高顿教育”或“来源高顿网校”或“来源高顿”，并不得对作品中出现的“高顿”字样进行删减、替换等。违反上述声明者，本网站将依法追究其法律责任。本网站的部分资料转载自互联网，均尽力标明作者和出处。本网站转载的目的在于传递更多信息，并不意味着赞同其观点或证实其描述，本网站不对其真实性负责。如您认为本网站刊载作品涉及版权等问题，请与本网站联系(邮箱fawu@gaodun.com，电话：021-31587497)，本网站核实确认后会尽快予以处理。

展开全文咨询在线

点一下领资料

【整理版】ACCA各科目历年真题

真题高频考点，刷题全靠这份资料

下载合集

acca全科学习思维导图

梳理核心考点，一图看懂全部章节

下载合集

2023年acca考纲解析

覆盖科目重难点,备考按照计划走

acca备考热门问题解答

acca考试怎么搭配科目？: 建议优先选择相关联的科目进行搭配报考，这样可以提高备考效率，减轻备考压力，1、F1-F4：为随时机考科目，难度较低，这里可以自行随意选择考试顺序。2、F5-F9：如果你的工作的和财务会计或者审计有关、或者你比较擅长财务和审计的话，推荐先考F7和F8。你可以选择一起考ACCA考试科目F7和F8或者先考F7（8）再考F8（7），这就要取决你一次想考几门。3、P阶段：选修科目中，建议企业首选AFM！第二部分科目进行选择，如果AA和SBR掌握学生更好，可以通过选择AAA，如果SBL掌握的好，可以自己选择APM。