Inventory Accounting: A Comprehensive Guide (Wiley Best Practices)

by Steven M. Bragg

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Product Description
Dramatically improve inventory accuracy with bestselling author Steven Bragg's step-by-step guidelines

Inventory Accounting is a comprehensive, step-by-step guide to setting up an inventory accounting system and keeping it running at maximum efficiency. This hands-on book provides accounting professionals with essential information on how to:
* Set up an accounting system that efficiently handles accumulating inventory costs, summarizing accounts, and standard journal entries used to record transactions
* Use best practices to increase the efficiency of inventory-tracking and costing functions
* Install unique controls to combat inventory fraud
* Implement a step-by-step checklist of activities for inventory counting procedures
* Save hours of valuable time researching various GAAP reference manuals
* Adapt inventory tracking and costing systems to accommodate a variety of manufacturing systems

Spanning the entire spectrum of inventory accounting, Inventory Accounting deftly explores every facet of the field to help professionals eliminate inaccuracies from their inventory accounting systems.

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Average Customer Review: 4 out of 5 stars

2 of 6 people found the following review helpful:

4 out of 5 stars

much practical advice, 2007-03-08
The book is replete with much practical advice that can readily be understood and applied by a diligent reader. One example would be monitoring the scrap percentage for a manufacturing operation. As Bragg points out, this can be an indicator of poor workmanship, bad setup of the machinery or inferior raw materials used by the factory.

Another example is the rate of use of loading dock doors. Each door also implies an allocation of floor space next to it, for moving goods in and out of the warehouse. A door that is minimally used often suggests that floor space is not being fully utilised.

For these and many other examples, Bragg furnishes simple metrics to measure the effect. Most are trivial mathematically, and could be defined from first principles by a reader experienced in engineering. But the book seems to be aimed, in part, at a reader who does not have such a background. Perhaps you rose from the shop floor, to now have managerial responsibility?

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