Week 2- Wednesday (Wednesday, June 30, 2010 / 8:52 PM)
Yo! Today's lesson was the 'Inventory', a new topic. Ms Fadlina briefly explained the inventory costs methods (FIFO, LIFO, WAC) and other methods to estimate the inventory.
After that, we were to choose and research on one of the two alternative methods of estimating ending inventory in retail industry for group presentation. We learnt about the Gross Profit and Retail methods that are applicable in our business.
Besides that, we were given the additional questions to discuss how our business manages the inventory and handles possible risks/threats in the inventory.
Interesting yet quite complicated because we have to spend time brainstorming what methods to use and suggesting internal control procedures & pricing policy.
At 2pm, we had an activity called Tangoes puzzles & "Guess what am I?" conducted by Ms Chew. We were split into 4 small groups and played the first game, Tangoes puzzles together. This allowed us to put on our own thinking cap and exercise our creativity.
Second game was guessing what each image of the pictures related to accounting and we were to write down the answers on a piece of paper. We learnt some names of companies and names that are related to accounting and this widens our knowledge on accounting.
We had enjoyed the fun, glad to be able to chill after the while we were focussed with our projects!
Woooootss..that finally ended our day!
Joe Eng
