This course will give you a fundamental understanding of the inventory control methodologies to use when working with or auditing clients in the manufacturing or retail industries.
Learning Objectives:
Upon completion of this course, the learner will be able to:
- State key definitions used to describe inventory movement transactions
- Document a typical inventory flow process
- Describe some of the fundamental inventory control procedures
- Supply a summary explanation of the manufacturing process and related accounting
Estimated Course Duration: 90 minutes (1.5 CPE)
Delivery Method: Online Self-Study
Field of Study: Production
Program Level: Basic
Advance Preparation/Prerequisites: None
Program Content:
Overview
- Manufacturing and Accounting Definitions
- Identifying Inventory
- Categories of Inventory
Movement and Accounting
- Importance of Tracking
- Inventory Movement
- Raw Materials
- Work in Progress
- Finished Goods
- Methods of Reporting Inventory Movements
- Accounting for
- Inventory Movements
- Raw Materials and Purchases
- Production
- Shipped Goods
Control Process
- Continual Inventory Control Processes
- Types of Physical Counts
- Cycle Counting
- Activity Based Costing (ABC) Cycle Count Selection
Control Process Auditing
- Auditing the Cycle Count Process
- Reconciling the Subledger and General Ledger
- Value of Using a Standard Costing Method
- Subledger vs General Ledger Analysis
- Inventory Reconciliation
- Inventory “Roll Forwards”
Download PDF Course Description
In order to earn CPE credit, you must complete the training module within one year of enrollment and score 70% or above on the Final Exam.
Complaint Resolution Policy/Refund Policy:
For more information regarding refund, complaint and program cancellation policies, please contact our offices at (866) 923-8513 or if outside the U.S., please call +1 (925) 598-7771. You may also email us at knowledgeleader@protiviti.com.
Protiviti is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.