Page 33 - Financial Accounting 1 ITC Preparation June 2018
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ITC EXAM PREP – JUNE 2018
Inventory Exam Application
• Watch out inventory questions integrated with
• Auditing – valuation (measurement), existence or
completeness
• Taxation – how it is incorporated in normal tax calculation
and therefore valuation methods important!
• Management accounting – costs allocation and costing
methods
• Be able to track and calculate movements from Raw Materials,
Work in Progress (WIP) and Finished Goods
• This is linked to Cost of Sales
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