Accounting Category: Inventory

Accounting Articles

October 24, 2012

Consignment inventory is one of the marketing methods used to attract customers. One variation of consignment is when a seller delivers goods to a customer (buyer) but retains the title to the goods until the buyer uses the goods. In this article we explore accounting for this type of consignment arrangement.

October 17, 2012

Budgeting is important for any organization. Preparing a master budget requires preparing financial budgets as well as an operating budget, which in turn consists of many components such as sales budget, production budget, costs of goods sold budget, etc. In this article we will learn to prepare a simple production budget, which is an important component of the operating budget. Production budget is used to prepare other components of the operating budget, including direct materials purchases budget, direct labor budget, etc.

April 1, 2012

Learn about accounting for obsolete inventory with examples of obsolescence reserve journal entries.

October 15, 2011

Accounting guide about consigned goods; definitions of consignment, consignee, consignor; examples of consignment journal entries; consignment benefits, risks and controls.

May 30, 2011

Explanation of accounting for customer returns, sales and return allowances, purchase allowances, cash refunds and store credits.

September 10, 2009

Physical inventory and purposes; three phases: planning and preparation, execution, and analysis of results; methods of conducting physical inventory such as bar-code readers, count cards, and count sheets.

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Accounting categories represent a collection of accounting guides and answers related to one accounting area.