Accounting Policies, by Policy (Policies)

12 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation :
The consolidated financial statements include the accounts of Hickok Incorporated and its wholly-owned domestic subsidiaries. Significant intercompany transactions and balances have been eliminated in the financial statements.

New Accounting Pronouncements, Policy [Policy Text Block]

Adoption of New Accounting Standards :
The Company did not incur any material impact to its financial condition or results of operations due to the adoption of any new accounting standards during the periods reported.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risk :
The Company sells its products and services primarily to customers in the United States of America and to a lesser extent overseas. All sales are made in United States of America dollars. The Company extends normal credit terms to its customers. Customers in the automotive industry comprise 60% of outstanding receivables at September 30, 2013 (73% in 2012). Sales to three customers approximated $2,304,000, $651,000 and $242,000(2013), $905,000, $710,000 and $229,000 (2012), $883,000, $459,000 and $418,000 (2011), and accounts receivable to these customers amounted to approximately $99,000, $163,000 and $14,000 (2013), $327,000, $66,000 and $25,000 (2012)

Use of Estimates, Policy [Policy Text Block]

Use of Estimates in the Preparation of Financial Statements :
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that may affect the reported amounts of certain assets and liabilities and disclosure of contingencies at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition :
The Company records sales as manufactured items are shipped to customers on an FOB shipping point arrangement, at which time title passes and the earnings process is complete. The Company primarily records service sales as the items are repaired. The customer does not have a right to return merchandise unless defective or warranty related and there are no formal customer acceptance provisions. Sales returns and allowances were immaterial during each of the three years in the period ending September 30, 2013.

Standard Product Warranty, Policy [Policy Text Block]

Product Warranties :
The Company warrants certain products against defects for periods ranging primarily from 12 to 48 months. The Company's estimated future warranty claims is included in "Accrued expenses" and are as follows:

		2013			2012			2011
Balance October 1		$	451		$	993		$	3,415
	Current year provisions		8,690			7,564			163
	Expenditures		(9,052	)		(8,106	)		(2,585	)
Balance September 30		$	89		$	451		$	993

Research, Development, and Computer Software, Policy [Policy Text Block]

Product Development Costs :
Product development costs, which include engineering production support, are expensed as incurred. Research and development performed for customers represents no more than 1% of sales in each year. The arrangements do not include a repayment obligation by the Company.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents :
For purposes of the Statement of Cash Flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. From time to time the Company maintains cash balances in excess of the FDIC limits. The cash balance at September 30, 2013 and 2012 amounted to $938,852 and $258,798, respectively

Receivables, Policy [Policy Text Block]

Accounts Receivable :
The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information.

Inventory, Policy [Policy Text Block]

Inventories :
Inventories are valued at the lower of cost (first-in, first-out) or market and consist of:

	2013		2012
Raw materials and component parts	$	852,229	$	1,061,957
Work-in-process		590,687		451,733
Finished products		146,900		221,080
	$	1,589,816	$	1,734,770

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment :
Property, plant and equipment are carried at cost. Maintenance and repair costs are expensed as incurred. Additions and betterments are capitalized. The depreciation policy of the Company is generally as follows:

Class	Method	Estimated Useful Lives (in years)
Buildings	Straight-line	10	to	40
Machinery and equipment	Straight-line	3	to	10
Tools and dies	Straight-line		3

 
Depreciation amounted to $64,186 (2013), $86,257 (2012), and $108,924 (2011).

Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]

Valuation of Long-Lived Assets :
Long-lived assets such as property, plant and equipment and software are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the total of the expected future undiscounted cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying value of the asset.

Shipping and Handling Cost, Policy [Policy Text Block]

Shipping and Handling Costs :
Shipping and handling costs are classified as cost of product sold.

Advertising Costs, Policy [Policy Text Block]

Advertising Costs :
Advertising costs are expensed as incurred and amounted to $6,558 (2013), $6,940 (2012) and $16,756 (2011)

Income Tax, Policy [Policy Text Block]

Income Taxes :
The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus any change in deferred taxes during the year. Deferred taxes result from differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.

Earnings Per Share, Policy [Policy Text Block]

Income per Common Share :
Income per common share information is computed on the weighted average number of shares outstanding during each period as disclosed in Note 10.