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

Q: When the goods are received and the receiving report has been prepared, which ledger may be…

A: Inventory: Inventories are the primary materials which are used in the production process to get the…

Q: Importance of inventory control system

A: Importance of inventory control system:-

Q: List three accounting information system (AIS) activities for transactions categorized as selling…

A: THE PURPOSE OF ACCOUNTING INFORMATION SYSTEM (AIS) IS TO COLLECT , STORE AND PROCESS FINANCIAL  AND…

Q: Explain which physical units of goods should be included in inventory.

A: Inventory:   It refers to an accounting term used to describe the goods in various stages in the…

Q: Describe the types of errors in inventory.

A:

Q: Explain the term inventory turnover.

A: The ratio analysis is performed to analyze the statements of the business on the basis of various…

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

A: The red line strategy could be a strategy for stock control, as is the two-bin strategy. Within the…

Q: 9. An inventory accounting policy that should be disclosed in a summary of significant accounting…

A: It is a footnote that accompany company financial statements. Such disclosure should form part of…

Q: List and describe three types of inventory.

A: In a manufacturing company, there are three categories of inventory such as raw materials,…

Q: ) Is the accounting cycle in a merchandising operations different from a service operations?…

A: 1) yes the accounting cycle in a merchandising operations is different from a service operations .…

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) Discuss the reasons why a proper understanding of the free on board (FOB) terms is important when…

A: FOB is an abbreviation for free on board. Free on Board means the seller takes risk till the time…

Q: Analyze T-accounts given below: Raw material inventory Balance $15

A: Cost can be defined as the money and cash equivalents spent on products or related services that…

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: Explain the audit for inventory

A: Directional testing is been used to audit the procedures  of statement of financial position items.

Q: A REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E=existence…

A: Auditing:- An audit is the referred as the physical examination of books of accounts. This can be…

Q: Discuss the different types of Inventory system

A: Traditionally the inventory is recorded by manually counting the items in the warehouse and it is…

Q: There are at least five internal controls that must be applied when taking a physical count of…

A: Internal control procedures are those procedures which are implemented for the achievement of…

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

A: Answer: Option a

Q: What is an inventory manager?

A: Inventory Management: It refers to the process of managing the Inventory or stock of raw materials,…

Q: Give TWO examples of methods of inventory accounting. (With explanation)

A: Inventory accounting : Inventory accounting is a method used to ascertain the cost of inventory.…

Q: Define Perpetual inventory system.

A: A perpetual inventory system updates and records the transaction as and when it occurs either at the…

Q: Inquiries of warehouse personnel concerning possible obsolete inventory items provide assurance…

A: The value of inventory, the lower of cost and net realizable value, and obsolete items are among…

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: How does the procedure for determining inventory requirements differ between a basic…

A: Batch processing system: A technique that is used to collect the data and program together in a…

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: 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: What is the difference between a pull system and a push system of inventory control?

A: In the pull system of inventory control, releases are authorized. And, companies using this strategy…

Q: Understand inventory classifications and different inventory systems.

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

Q: Explain the importance of inventory management system.

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

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: List and explain the substantive tests of Inventory and give example.

A: Substantive procedures are exercised by an auditor to detect material misstatements at the financial…

Q: Describe the inventory recording methods.

A: Inventory recording methods are two types:   Periodic inventory system Perpetual inventory system

Q: An inventory roll-forward is a kind of inventory management. Exactly what kind of forward-looking…

A: Introduction:      It is the systematic production of new reporting periods' accounts using (rolling…

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: Identify inventory classifications and different inventory systems.

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

Q: Explain the following statement: “Inventory errors correct themselves.”

A: Solution: Introduction: Inventory means goods are available for sale and raw materials used in the…

Q: What are the origins and fundamental concepts underlying inventory problems? what are they explain…

A: Introduction:- Inventory management is a way of buying, keeping, and selling inventories – both raw…

Q: Describe measures to control merchandise inventory.

A: Control over merchandise inventory: For a merchandise business, maintaining an effective control…