Page 22 - Accountancy for Advanced Secondary Schools Teachers Guide Form Five

Chapter Inventory accounting

Two
Chapter One: The Concepts, theories and principles of accounting

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Introduction
The student will learn the meaning, types, valuation methods, stock
estimation, and insurance claims. Also,the student will learn to prepare
and maintain accounting records related to inventories by using
different inventory valuation methods. The competencies gained will
enable students to demonstrate an understanding of concepts, theories,
and principles of accounting, and prepare and maintain accounting
records related to inventories.

Student’s activities

(a) Describe the concepts and principles applied in the
accounting for inventories

(b) Prepare and maintain accounting records related to
inventories

Teaching and learning resources

Sample of inventories documents such as:
• Purchase orders (PO);

• Sales orders (SO);
• Goods received note (GRN),
• Stock movement records sheet,
• Bin cards/Location tags;

• Inventory valuation reports and
• Inventory reconciliation reports

Teacher’s Guide Form Five
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