196 pages [94 self-teaching + 102 self-quizzes with detailed answers]
Section 1: Introduction. What to include in merchandise costs, when and how to record the journal entries. How inventory is reported on the income statement as cost of goods sold and on the balance sheet as ending inventory.
Section 2: The perpetual method. How to compute and record journal entries for purchases (net or gross) . . . sales . . . purchase discounts . . . returns and allowances . . . customer sales returns . . . and inventory shrinkage.
Section 3: The periodic method. How to compute and record journal entries for purchases (net v. gross), sales, discounts, returns and allowances, sales returns, inventory shrinkage and closing out the inventory-related accounts at year end.
Section 4: Weighted average costing. How to compute ending inventory and COGS using weighted average costing (periodic method) and moving average costing (perpetual method).
Section 5: First-in, first-out (FIFO) costing. Clear explanations of FIFO under the perpetual v. periodic method, including how to compute and record purchases, sales, COGS and ending inventory.
Section 6: Last-in, first-out (LIFO) costing. How to compute and record purchases, sales, COGS, ending inventory and LIFO layers. When and how to compute LIFO liquidations.
Section 7: The lower of cost or net realizable value (LCNRV) rule. How to compute and apply LCNRV by item v. group v. total inventory. How to handle purchase commitments that are followed by a decline in the value of inventory, then a recovery.
Publisher: AIPB
KIANOUSH –
It was great.
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AMY –
It was good course.
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GIAS –
Inventory it’s really a good part for a bookkeeper.
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PATRICIA –
Information in this course was clear and concise. The book was well written.
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KERRIANNE –
I was happy with the material it covered. Felt like it covered all bases that I needed for my career in bookkeeping
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JENNIFER –
I was able to pass the CB exam with this workbook.
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ELIZABETH –
I thought this course made understanding inventory easy.
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PAMELA –
I liked all the practice problems.
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THOMAS –
I like it
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MARIE –
I knew little about inventory until I read this book.
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RAJPATTY –
I can always rely on my experience through AIPB
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CYNTHIA –
I am using the course book now at work to make the correct entries
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KARIN –
Helpful exercises
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JENNIFER –
Helped me to brush up on one of my weaknesses.
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STEPHANIE –
Good review of the basics.
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NORAH –
Good examples used and easy to understa
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KHALID –
good book for new students
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RYAN –
Good
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LING –
Good
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ANNA –
good
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CORINA –
Felt the book was written very clearly and easy to follow. Self Tests are good in the back of the book.
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ATANAS –
Explanations are understandable and completely enough to past the test. I do not think can start bookkeeping practice just by completing the courses in the program. You can try to work for somebody but not as a bookkeeper for yourself serving other firms. I have not worked in this field since I had other job and I can not tell you if your course matches the requirements of the employers. Also, nowadays most things are done by computer software (bank reconciliation etc) and this is missing from your courses.
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KENNETH –
Excellent. With everything being automated these days it’s great to get a solid reminder of the basics.
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HEATHER –
Excellent material – very thorough
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ED –
excellent course, there was so so much to inventory valuation
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DAMIAN –
excellent
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ELIZABETH –
Excellent
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KELLY –
Easy to understand and with all the great examples by the end of the book you know it well.
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JOYCE –
Easy to understand
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MICHELLE –
Covered multiple methods of tracking inventory– both physically and in the General Ledger. Each chapter had good review in the quizzes. The test took me longer than 2.5 hours but felt it was important to do well.
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