Define each of the following terms: e. Red-line method; two-bin method; computerized inventory controlsystem

Q: Why is it important to obtain shipping and receiving cutoff information during the inventory…

A: Cut-off Procedures:   The audit procedures applied to separate the transactions from one period to…

Q: Differentiate between periodic and perpetual inventory system with the help of an example.

A: The monetary amount associated with the goods in inventory at the end of an accounting period is…

Q: Explain the difference between the Perpetual and Periodic inventory systems and let us know why…

A: Inventory is the product that a company owns for resale in its regular course of business. It is…

Q: The flowchart below illustrates two alternative inventory ordering methods.  based on this…

A: Alternative two is used sometimes by the managers who do not have command over computer controls for…

Q: The flowchart below illustrates two alternative inventory ordering methods.  1. Some organizations…

A: Alternative two is used sometimes by the managers who do not have command over computer controls for…

Q: Difference between two bin method and just in time inventory management technique

A: Two-bin inventory control method is also called as kanban which is quite associated or related with…

Q: For each of the following processes, state whether OLTP or OLAP is appropriate and why.a. An order…

A: Meaning OLTP & OLAP OLAP means Online Analytical Processsing and OLTP means Online Transaction…

Q: OLTP VERSUS OLAP SERVERS For each of the following processes, state whether OLTP or OLAP is…

A: Meaning OLTP & OLAP OLAP means Online Analytical Processsing and OLTP means Online Transaction…

Q: Describe the types of errors in inventory.

A:

Q: Make a comparison between periodic and perpetual inventory systems and explain under which…

A: Answer: As per Q/A guidelines first question has been answered. Please repost remaining question.…

Q: differentiate between the two types of counting systems for inventory

A: The question is related to Accounting of Inventory systems. The two types of Accounting systems for…

Q: A cost accounting system uses which of the following inventory systems? a.perpetual system…

A: Inventories are assets that are sold, purchased, and manufactured in an organization as a core…

Q: Management and auditor are concerned about inventory control function in automated system? Why? How…

A: Inventory control function in automated system :                   In automated system, inventory is…

Q: e calculation of inventory availability

A: Option I is correct because by knowing the current stock levels, the calculation of inventory…

Q: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when…

A: LIFO Method It is the method used for recording Inventory. Under this method, it is assumed that the…

Q: For each of the following statements, enter a T or and FI the blank to mdicate whether the statement…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: According to the Conceptual Framework, physical count of inventory is an example of

A: A physical inventory count is an approach where company's staff is involved in counting company's…

Q: When inventory items are highly specialized, the best inventory costing method is ________.A.…

A: Inventory is one of the important current asset for the business. Management and valuation of…

Q: The flowchart below illustrates two alternative inventory ordering methods. Answer part 1 to 3 based…

A: The above-mentioned inventory ordering alternatives are used by organizations as per their order…

Q: For each of the following processes, state whether OLTP or OLAP is appropriate, and why. a. An…

A:

Q: The purpose of tracing a sample of inventory tags to a client’s computerized listing of inventory…

A:

Q: The two systems of measuring inventory are: Select one: a. perpetual and periodic b. periodic and…

A: Answer: Option a

Q: In the basic technology system, the inventory control clerk reviews the purchase requisition file to…

A: Inventory purchase procedure: This procedure takes into account the functions relating to…

Q: Describe some inventory control systems that are used in practice

A: Inventory control system: The inventory control system can be defined as the use of a computerized…

Q: Explain the inventory accounting system.

A: Inventory accounting is the body of accounting that used to valuing and accounting for changes in…

Q: Which one of the following inventory management approaches determines the finished goods inventory…

A: Introduction: To run the day-to-day business, the inventory management system is essential or as it…

Q: Describe the integration of the Inventory Ledger with the Payables, Receivables and General Ledgers.

A: Solution:- Introduction:- An integrated accounting system is application software in which all the…

Q: A relational database system contains the following inventory data: part number, description,…

A:

Q: Explain the importance of inventory management system.

A: Inventory management system refers to managing and tracking inventory.

Q: Of the following, select the attribute that would be the best primary key in an inventory table. a.…

A: A primary key in a database is the unique identifier which can identify a particular item anywhere…

Q: Which inventory method is least likely to be used under IFRS? A . First in, fi rst out (FIFO).

A: Inventory is an important current asset for an organisation’s accounting, thus it is essential that…

Q: For each of the following items, indicate whether a sequential, block, group, alphabetic, or…

A: State Codes - Alphabetic Code - Because it corresponds to abbreviation of postal Service.  Check…

Q: How does analyzing inventory errors is helpful?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Explain what internal control is and describe 3 internal procedures for inventory

A: Internal control is a process or system that helps to assure reliability, compliance, security, or…

Q: Provide examples of some procedures that can avoid inventory shrinkage.

A: In the business organization when the situation of inventory lost, theft, or damage occur is known…

Q: Explain the main obstacle to achieving convergence in the area of inventory accounting.

A: Convergence is defined as one single standard set of rules applicable for inventories in USA in…

Q: What is just-in-time (JIT) inventory system?

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: 5. Inventory structures for inventory receipt process Refer to figure 2-30 in the text and the…

A:

Q: Explain how to report and analyze inventory.

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: orage system can use FIFO method of inventory control

A: FIFO Method: FIFO stands for , First in first out method , is an asset management and valuation…

Q: For each statement below, identify whether the statement applies to the periodic inventory system,…

A: Periodic Inventory System-  It refers to the system under which the physical count of the quantity…