请登录后使用此功能。 您可以使用此功能将商品添加到您的收藏列表。
关闭
您已经添加该商品到您的收藏列表。 查看我的收藏
关闭
从您收藏列表中删除此商品。
关闭
请登录后使用此功能。 您可以使用此功能将公司添加到您的收藏夹列表。
关闭
这家公司已成功添加。 查看我的收藏
关闭
这家公司已从你的收藏夹列表中删除。
关闭
请登录后使用此功能。 您可以使用此功能将公司添加到您的询问车。
关闭
这家公司已被添加到您的询问车。
关闭
这家公司已从询价车中删除。
关闭
该商品已被添加到您的询问车。
关闭
该商品已经从您的询价车中删除。
关闭
商品/公司已达到添加至询价车的数量。
关闭
THK Management Advisory Sdn Bhd
THK Management Advisory Sdn Bhd 200401000220 (638723-X)
SSM
商业性质:

服务业

相关分类:

会计服务 人力资源

Accounting for Stock In Trade - THK Management Advisory Sdn Bhd

Accounting for Stock In Trade

22-Nov-2023

Accounting for Stock In Trade

''Stock in trade,'' often referred to as ''inventory'' in accounting and business terminology, encompasses movable and immovable property and materials used in day-to-day business operations.

Accurate identification and tracking of stock in trade are vital for precise financial reporting, particularly for the balance sheet, as it significantly affects a company's financial health and performance.

Valuation of Stock in Trade

There are two primary methods for valuing stock in trade:

(a) Acquisition Cost

This includes:

i. Direct expenses related to the purchase of goods intended for resale or materials and components used in the production of finished goods.

ii. Other direct expenses explicitly associated with acquiring stock or bringing it to its current condition and location (e.g., customs duties, direct labor, transport, and packaging).

iii. A portion of any overhead expenses properly attributable to manufacturing goods (e.g., office rent, utility charges, stationery, and maintenance services).

(b) Cost Methods

There are three primary cost methods:

i. First-In, First-Out (FIFO): Assumes the earliest items in inventory are the first to be sold or used, and their costs are allocated to the cost of goods sold.

ii. Last-In, First-Out (LIFO): Assumes the most recent items in inventory are the first to be sold or used, and their costs are allocated to the cost of goods sold. Note that LIFO is not allowed under International Financial Reporting Standards (IFRS) and is unacceptable for income tax purposes.

iii. Weighted Average Cost (WAC): Calculates an average cost for the entire inventory based on the total cost of all units in stock and the total number of units in stock.

Summary

In conclusion, properly valuing stock in trade is critical for financial reporting and business performance. Understanding the cost methods can help businesses make informed decisions about their inventory management, financial health, and compliance with accounting standards.

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates.

#Thk

#KTP

 

总办事处

THK Management Advisory Sdn Bhd 200401000220 (638723-X)
Wisma THK, No. 41, 41-01, 41-02, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru, Johor, Malaysia.

电话:

邮件:
网址: https://www.thks.com.my
网址: https://thks.newpages.com.my/
网址: https://thks.n.my/

游览 : 首页 - 分类 - 公司 - 地区 - 标签 - 商品 - 消息与促销 - 工作征聘 - 手机版 - 谷歌 - 搜索引擎优化结果

NEWPAGES

  • US 6951
  • GB 5978
  • CA 5373
  • AU 5181
  • IE 3743
  • NZ 1612
  • BR 886
  • SG 755
人 在线
Seni Jaya Logo
Brochure
Download
Our PackageContact Us