Inventory Accounting: A Comprehensive Guide

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9780471356424: Inventory Accounting: A Comprehensive Guide
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Dramatically improve inventory accuracy with bestselling authorSteven Bragg's step-by-step guidelines

Inventory Accounting is a comprehensive, step-by-step guide tosetting up an inventory accounting system and keeping it running atmaximum efficiency. This hands-on book provides accountingprofessionals with essential information on how to:
* Set up an accounting system that efficiently handles accumulatinginventory costs, summarizing accounts, and standard journal entriesused to record transactions
* Use best practices to increase the efficiency ofinventory-tracking and costing functions
* Install unique controls to combat inventory fraud
* Implement a step-by-step checklist of activities for inventorycounting procedures
* Save hours of valuable time researching various GAAP referencemanuals
* Adapt inventory tracking and costing systems to accommodate avariety of manufacturing systems

Spanning the entire spectrum of inventory accounting, InventoryAccounting deftly explores every facet of the field to helpprofessionals eliminate inaccuracies from their inventoryaccounting systems.

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From the Inside Flap:

Accurate inventory accounting is vital to every company that hasa significant proportion of its assets in inventory. It can also beone of the most difficult tasks faced by the accounting department.Accurate inventory valuation requires excellent inventory trackingsystems, warehouse layouts, and cycle counting procedures, as wellas detailed cost accumulation systems. In addition, generallyaccepted accounting principles (GAAP) contain a number ofrequirements for the proper treatment of inventory valuation. InInventory Accounting, bestselling author Steven Bragg culls hisdecades of experience to help CFOs, controllers, accountingmanagers, and cost accountants track, cost, report, and budgettheir inventory with great success.

Inventory Accounting provides professionals with a wellspring ofessential day-to-day information, including:

  • How to use coding, wireless data transmission, radio frequencyidentification, document imaging, and electronic data interchangeto collect inventory data
  • How to flow inventory through basic manufacturing,manufacturing resources planning, and just-in-time systems
  • Sixty-eight unique inventory controls in such areas asin-transit inventory, inventory storage, obsolete inventory, andinventory transactions
  • How to recognize eighteen types of inventory fraud
  • A variety of measurements, forms, and reports for determiningthe status of inventory levels and related systems
  • A successful budgeting process for raw materials,work-in-process, and finished goods inventories
  • How to use a number of inventory cost layering systems,including FIFO, LIFO, dollar value LIFO, link-chain, and weightedaverage methods
  • How to apply lower of cost, or market rule
  • Coverage of overhead cost pools and how to apply those costs toinventory (including activity-based costing)
  • Various cost allocation and pricing methodologies for inventorydesignated as joint products or by-products
  • How to locate, dispose of, and account for obsoleteinventory
  • How to create an inventory tracking system and conduct periodicphysical counts and cycle counts

An expansive compendium of inventory-related information,Inventory Accounting is a one-stop resource for everythingpertaining to the proper accounting treatment of inventory, as wellas the best practices for organizing a warehouse and conductinginventory counts.

About the Author:

Steven M. Bragg, CPA, CMA, CIA, CPIM, has been the CFO orcontroller of four companies, as well as a consulting manager atErnst & Young and auditor at Deloitte & Touche. He receiveda master's degree from Bentley College, an MBA from Babson College,and a bachelor's degree in economics from The University of Maine.Mr. Bragg resides in Centennial, Colorado. He has written twentybooks, including Accounting Best Practices, Accounting ReferenceDesktop, and Controllership: The Work of the Managerial Accountant,all published by Wiley.

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Book Description John Wiley & Sons Inc, United States, 2005. Hardback. Condition: New. 1. Auflage. Language: English. Brand new Book. Dramatically improve inventory accuracy with bestselling author Steven Bragg's step-by-step guidelines Inventory Accounting is a comprehensive, step-by-step guide to setting up an inventory accounting system and keeping it running at maximum efficiency. This hands-on book provides accounting professionals with essential information on how to: Set up an accounting system that efficiently handles accumulating inventory costs, summarizing accounts, and standard journal entries used to record transactions Use best practices to increase the efficiency of inventory-tracking and costing functions Install unique controls to combat inventory fraud Implement a step-by-step checklist of activities for inventory counting procedures Save hours of valuable time researching various GAAP reference manuals Adapt inventory tracking and costing systems to accommodate a variety of manufacturing systems Spanning the entire spectrum of inventory accounting, Inventory Accounting deftly explores every facet of the field to help professionals eliminate inaccuracies from their inventory accounting systems. Seller Inventory # AAH9780471356424

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Book Description John Wiley and Sons Ltd, United States, 2005. Hardback. Condition: New. 1. Auflage. Language: English. Brand new Book. Dramatically improve inventory accuracy with bestselling author Steven Bragg's step-by-step guidelines Inventory Accounting is a comprehensive, step-by-step guide to setting up an inventory accounting system and keeping it running at maximum efficiency. This hands-on book provides accounting professionals with essential information on how to: Set up an accounting system that efficiently handles accumulating inventory costs, summarizing accounts, and standard journal entries used to record transactions Use best practices to increase the efficiency of inventory-tracking and costing functions Install unique controls to combat inventory fraud Implement a step-by-step checklist of activities for inventory counting procedures Save hours of valuable time researching various GAAP reference manuals Adapt inventory tracking and costing systems to accommodate a variety of manufacturing systems Spanning the entire spectrum of inventory accounting, Inventory Accounting deftly explores every facet of the field to help professionals eliminate inaccuracies from their inventory accounting systems. Seller Inventory # AAH9780471356424

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Book Description John Wiley & Sons Inc, United States, 2005. Hardback. Condition: New. 1. Auflage. Language: English. Brand new Book. Dramatically improve inventory accuracy with bestselling author Steven Bragg's step-by-step guidelines Inventory Accounting is a comprehensive, step-by-step guide to setting up an inventory accounting system and keeping it running at maximum efficiency. This hands-on book provides accounting professionals with essential information on how to: Set up an accounting system that efficiently handles accumulating inventory costs, summarizing accounts, and standard journal entries used to record transactions Use best practices to increase the efficiency of inventory-tracking and costing functions Install unique controls to combat inventory fraud Implement a step-by-step checklist of activities for inventory counting procedures Save hours of valuable time researching various GAAP reference manuals Adapt inventory tracking and costing systems to accommodate a variety of manufacturing systems Spanning the entire spectrum of inventory accounting, Inventory Accounting deftly explores every facet of the field to help professionals eliminate inaccuracies from their inventory accounting systems. Seller Inventory # LIE9780471356424

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Book Description Wiley. Hardcover. Condition: New. 243 pages. Dimensions: 9.1in. x 6.0in. x 1.1in.Dramatically improve inventory accuracy with bestselling author Steven Braggs step-by-step guidelinesInventory Accounting is a comprehensive, step-by-step guide to setting up an inventory accounting system and keeping it running at maximum efficiency. This hands-on book provides accounting professionals with essential information on how to: Set up an accounting system that efficiently handles accumulating inventory costs, summarizing accounts, and standard journal entries used to record transactions Use best practices to increase the efficiency of inventory-tracking and costing functions Install unique controls to combat inventory fraud Implement a step-by-step checklist of activities for inventory counting procedures Save hours of valuable time researching various GAAP reference manuals Adapt inventory tracking and costing systems to accommodate a variety of manufacturing systemsSpanning the entire spectrum of inventory accounting, Inventory Accounting deftly explores every facet of the field to help professionals eliminate inaccuracies from their inventory accounting systems. This item ships from multiple locations. Your book may arrive from Roseburg,OR, La Vergne,TN. Hardcover. Seller Inventory # 9780471356424

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