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Importance of Accounting for Inventories in Academic Curriculum
Inventory is, the stock of material, refer to the list of all items or property which used in the making of any product either these items are tangible goods or intangible attributes. Inventory is an asset of any business and plays a vital role to enhance the productivity for any business. An organization holds the valuable material and goods to speed up the production, removing interruption during production and for sale or offer customer services by stocking raw materials, maintenance, repairing, finished foods, spare parts. Inventory needs to be counted with accuracy to realize the organization's profit and loss. To ensure accuracy in inventory maintain day to day record specially for largest cost items which identify the changes in inventory and make it controllable. In accounting method, there are three types of inventories: Raw Material, Work in process, finished goods.
There is the cost associated with the purchase, hold, and maintenance of inventory. A valid method required by the accountant to maintain the inventory records and assigning the cost. Accounting assists to manage all assets of business including inventory. It keeps the record from purchasing of raw to sell the good to customers. Accounting is the language of business. It assists in measuring the cash flow in and cash flow out of any organization and communicating it with the other departments and help manager to take right decisions by using information. It is beneficial to learn to account for inventories method because these methods implement from smaller to the larger business, and make realization how to make a profit with the efficient use of money.
It is important to teach the student about inventories accounting techniques, use of techniques, the importance of these techniques, and how these techniques create a balance between sales and demands. By understanding these techniques student will have the better understanding of transaction in business. Accounting of inventories is not just a calculation of money it is the management of business assets. Employers prefer those individuals who have the better understanding of accounting techniques for inventories. It is compulsory to educate students each aspect of it. Inventory Accounting is not a just calculation of cash flows. By taking the education of inventory accounting individual become able to think critically, understand the efficient and effective use of all assets of organizations.
Difficulties Faced by Students while Solving Accounting for Inventories problems
In accounting, usually three techniques used to measure the inventory:
First in First out (FIFO): This is valuation method in which company makes the inventory of new item and sells the oldest part first. It makes net income higher. This is suitable when inflation is increasing.
Last in First out (LIFO): This is opposite to first in and first out method. It keeps the inventory of oldest part and sells newest part first. In this case, net income is lower.
Average Cost Inventory Method: This method manages the inventory ending by assigning the same cost of goods sold and create the balance between FIFO and LIFO, and net income.
The use of inventory accounting method depends on the production of an organization. The technique used by retailer might not be suitable for a manufacturer to manufactured products.
Students encountered many problems while solving problems in accounting for inventories. Accounting for inventories requires expertise in excel in related software to make measurements. The main problem understands of all techniques and its calculations. Understand the scenario of business for the implementation of inventory accounting method. What type of business need which inventory accounting method and why?
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