PPT - Inventories CA Foundation Notes | EduRev

Fundamentals of Accounting for CA CPT

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Section A Fundamentals of Accountancy ,Chapter 4 
CA (Dr.) Akash Gupta 
FCA, M.COM, PHD 
Page 2


Section A Fundamentals of Accountancy ,Chapter 4 
CA (Dr.) Akash Gupta 
FCA, M.COM, PHD 
Meaning of Inventory 
Types of Inventories 
Inventory valuation 
Basis of Inventory Valuation 
Valuation Inventory Techniques 
• FIFO(First in first out) Method 
• LIFO(Last in first out)Method 
• Average  Price Method 
• Weighted Average Price Method 
Page 3


Section A Fundamentals of Accountancy ,Chapter 4 
CA (Dr.) Akash Gupta 
FCA, M.COM, PHD 
Meaning of Inventory 
Types of Inventories 
Inventory valuation 
Basis of Inventory Valuation 
Valuation Inventory Techniques 
• FIFO(First in first out) Method 
• LIFO(Last in first out)Method 
• Average  Price Method 
• Weighted Average Price Method 
Non-Historical cost methods 
Inventory Record Systems 
• Periodic Inventory System 
• Perpetual Inventory System 
Stock Taking 
MCQ 
Page 4


Section A Fundamentals of Accountancy ,Chapter 4 
CA (Dr.) Akash Gupta 
FCA, M.COM, PHD 
Meaning of Inventory 
Types of Inventories 
Inventory valuation 
Basis of Inventory Valuation 
Valuation Inventory Techniques 
• FIFO(First in first out) Method 
• LIFO(Last in first out)Method 
• Average  Price Method 
• Weighted Average Price Method 
Non-Historical cost methods 
Inventory Record Systems 
• Periodic Inventory System 
• Perpetual Inventory System 
Stock Taking 
MCQ 
Inventory can be defined as tangible assets: 
Held for sale in the ordinary course of business;  
In the process of production for such sale;  
In the form of materials or supplies to be consumed in 
the production process or in the rendering of services. 
Page 5


Section A Fundamentals of Accountancy ,Chapter 4 
CA (Dr.) Akash Gupta 
FCA, M.COM, PHD 
Meaning of Inventory 
Types of Inventories 
Inventory valuation 
Basis of Inventory Valuation 
Valuation Inventory Techniques 
• FIFO(First in first out) Method 
• LIFO(Last in first out)Method 
• Average  Price Method 
• Weighted Average Price Method 
Non-Historical cost methods 
Inventory Record Systems 
• Periodic Inventory System 
• Perpetual Inventory System 
Stock Taking 
MCQ 
Inventory can be defined as tangible assets: 
Held for sale in the ordinary course of business;  
In the process of production for such sale;  
In the form of materials or supplies to be consumed in 
the production process or in the rendering of services. 
In case of manufacturing Concerns 
• Raw Material 
• Work in Progress 
• Finished Goods 
• Stores and Supplies 
In case of Trading Concern 
• Finished Goods 
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