Accounting - The Conceptual Framework of Accounting - Inventory Control

Objectives:

• Differentiate the nature, function, and limits of financial accounting, financial statements, and payroll.
• Differentiate between periodic and perpetual inventory.
• Describe inventory valuation methods and their complexity.

National Standards: Complies with NBEA Accounting 2023 Standard II.A.3 Differentiate between periodic and perpetual inventory and describe inventory valuation methods and their complexity.

Materials:

• Whiteboard or chalkboard
• Markers or chalk
• Index cards
• Stopwatch
• Prizes (optional)