FINANCIAL ACCOUNTING AND CONTROL OF PRODUCTION INVENTORIES AT MILK PROCESSING ENTERPRISES: ANALYSIS OF THE CURRENT SITUATION AND WAYS OF IMPROVEMENT

Abstract

The article examines the problems of functioning of the dairy industry and their impact on the methodology and organization of accounting and control of inventories. A critical analysis of regulatory and legal regulation in the field of inventory accounting. The authors concluded that the organizational and technological specifics of dairy enterprises form the objective features of accounting and control of inventories. The authors outlined areas for improving the existing methods of accounting and control of inventories (eliminating duplication of accounting information; increasing the timeliness of its provision; introduction of sub-accounts, audit, etc.), which increases the level of information and economic performance of dairy enterprises. In the article the authors outlined the areas of improving the theoretical and practical provisions of the existing organization and methods of accounting and control of inventories, including the need to eliminate duplication of accounting information in the accounting system; increasing the efficiency and timeliness of its provision; reducing the complexity of inventory accounting; introduction at dairy processing enterprises of standard forms of documentation according to branch specificity and also schedules of document circulation. The expediency of division of auxiliary materials into production materials directly involved in the production process and auxiliary materials is substantiated; pointed out the need to introduce into accounting practice separate sub-accounts, which should reflect information on the state of inventories, which is necessary for management decisions. The article also examines the audit, which is considered as the leading mechanism for controlling the production stocks of dairy enterprises, has a significant impact on improving the economic efficiency of dairy production, eliminates unproductive costs arising from imperfect control over accounting and storage. These recommendations should help ensure that the process of accounting and control of inventories acquires a new level of information and helps to improve the economic performance of dairy enterprises.