Module 1: Stock recording and valuation

XSIQ
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Accounting - Stock - recording and valuation

Stock - recording and valuation

Aspects of stock recording and valuation:

* source documents

* ledgers

* reports

* stock write down, lower of cost and net realisable value [1]

* principle of conservatism

* identified cost/FIFO - applications in stock cards, merits and
weaknesses

* physical/perpetual - recording/reporting, merits and weaknesses

Stock cards may be used as the basis for the preparation of ledger
accounts. In the example that follows you are required to prepare a stock
card using both FIFO [2]and identified cost. The stock control account
will then be prepared from the relevant stock card.

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Links:
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[1] http://alison.com/#
[2] http://alison.com/#