How does the procedure for determining inventory requirements differ between a basic batch-processing system and batch processing with real-time data input of sales and receipts of inventory? What about for the procedures the receiving department uses?

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

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

Q: Importance of inventory control system

A: Importance of inventory control system:-

Q: Which of the following are characteristics of a perpetual inventory system? (a). Management knows…

A: There were two types of inventory systems to record and maintain inventory.   1. Periodic…

Q: Which of the following automated application controls would offer reasonable assurancethat inventory…

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: Which function or department below records the decrease in inventory due to a sale? a. warehouse b.…

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

Q: whats the inventory tracking for this?

A: Goods which are held for the resale by the business and the business deals with such type of…

Q: Explain issues that analysts should consider when examining a company’s inventory disclosures and…

A: Inventory Disclosure: Inventory disclosure is useful for management to evaluate inventory…

Q: Before inventory purchases are recorded, the receiving report should be reconciled to what…

A: Inventory refers to the raw materials, work-in process, and the finished goods products that are…

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: The ability to lower overall inventory warehousing costs is an advantage of which type of system…

A:

Q: What is an inventory roll-forward? What roll-forward tests should be performed?

A: It is the systematic development by way of (rolling forward) pre-accounting data of fresh reporting…

Q: What is the main distinction between perpetual and periodic inventory systems? Which type of system…

A: Explain the main distinction between perpetual inventory system and periodic inventory system and to…

Q: Describe the procedures, documents, and departments involved when insufficient inventory is…

A: When there is insufficient inventory available to fulfill a customer's approved order, then the…

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: Which of the following methods of inventory control will be used in case of a business whose…

A: Tracking down of every single item of inventory individually from the time it enters in production…

Q: How is Inventory audited?

A: Introduction Inventory audit is an analytical procedure that cross checks the financial records with…

Q: Explain how a periodic inventory system operates.

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

Q: Which one of the following groups of items best identifies various types of inventory opportunity…

A: Inventory Opportunity cost includes the costs to order and hold inventory, additionally on…

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

A:

Q: In your own words, discuss the differences between a perpetual and periodic inventory system. Your…

A: Inventory is the current asset posted on the balance sheet of the company.

Q: Define the term inventory shrinkage. How is the amount of inventory shrinkage determined in a…

A: Inventory Shrinkage refers to that amount of inventory which is in excess and listed in the…

Q: Explain the relationship between tests of the acquisitionand payment cycle and tests of inventory.…

A: The acquisition, as well as payment cycle, has the relationship with the inventory accounts in the…

Q: Describe the typical approach for recording inventory write-downs.

A: Inventory write-down: As per GAAP (Generally Accepted Accounting Principles), the companies need to…

Q: What is the primary reason we perform physical inventory observations? A. To obtain sufficient…

A: Inventory : It is the stock of raw material work in process and finished goods Kept in the store for…

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: 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: 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: What are the two accounting systems are used to record transactions involving inventory?

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: Define Inventory Turnover?

A: “Since you have asked multiple questions, we will solve the first question for you.  If you want a…

Q: Which of the following internal control activities most likely addresses the completeness assertion…

A: Management Assertion: Management assertion refers to the claim made by the management assuring…

Q: Describe the backflushing or post-deduct system of inventory recordkeeping

A: Backflushing is also known as the post-deduct system. When a product is shipped out of stock or used…

Q: Describe the inventory recording methods.

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

Q: Sales orders are written by sales people who have no access to the goods, which are released by…

A: Delegation of authority: It is the organizational process of allocation of tasks to subordinates…

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: Why is it important for auditors to obtain control information over inventory count sheets or…

A: Auditing inventory is the process of cross-checking financial records with physical inventory and…

Q: How do you find an inventory report for manufacturers?

A: Answer :- The inventory of manufacturer is reported in "Current assets" part of the balance sheet of…