What is the basic purpose of inventories? In what five areas do they provide a buffer?

Q: How to calculate inventories

A: Inventories are the assets for the business in which the company is dealing for earning the income…

Q: What is a LIFO inventory pool?

A: Definition: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So,…

Q: What are the five control implications of distributed data processing?

A:

Q: What is a registration statement?

A: Statement: It can be defined as any sentence or a line that provides information in a definite or a…

Q: What are characteristics of the perpetual inventory system?

A: Perpetual Inventory System: Perpetual Inventory System refers to the inventory system that maintains…

Q: Define the term reversing entries.

A:

Q: what is FIFO inventory method?

A: FIFO inventory method is one of the methods of calculation of value of ending Inventory and cost of…

Q: What are the three cycles of transaction processing systems?

A:

Q: What is meant by Wraparound filing?

A: Financial reporting: Financial reporting is the procedure used to communicate the information…

Q: Name three components of a Transaction Processing System.

A: A Transaction Processing System is a set of information that processes the transaction data in the…

Q: What are the four types of inventories and their differences?

A: Inventories are the goods that are available for sale or inputs through which goods are made are…

Q: Within the consolidation process, what is the purpose of a worksheet?

A: The worksheet is used to record the consolidated balances by eliminating the inter-company…

Q: What information is contained in the general ledger master file?

A: General Ledger:  The financial information required for the preparation of financial reports of…

Q: Calculate reorder level

A: Reorder level is the level of inventory at which point the organization should trigger a purchase…

Q: What are roll-forward procedures? Provide some examples

A: Roll-Forward Procedure: Auditors perform procedure to draw out the conclusion from an interim date…

Q: What are the four primary elements of the database environment?

A: Definition: Database management: Database management refers to the management of databases held…

Q: What is a data flow diagram? What are the different levels from most general to most detailed? Draw…

A:

Q: What is the Permanent File?

A: Permanent file is file which contains information and documents of a company which are to be used by…

Q: Why are denormalized tables used in data ware-houses?

A: Data Warehouse:   Data warehouse is also termed as enterprise data warehouse. It can be defined as…

Q: How are the summary views in a data warehouse different from views in an operational database?

A: Data Warehousing:   Data warehousing is a method through which an organization collect and manage…

Q: What is a data dictionary, and what purpose does it serve?

A: Return on investment (ROI):   Return on investment evaluates how efficiently the assets are used in…

Q: The process of making the units of the filing name (pr segment) by which the record is to be stored…

A: The process of making the units of the filing name by which the record is to be stored is called…

Q: Use the graph in order to answer the following question Name three data sources that would need to…

A: Following are the three data sources that would need to access the product and inventory

Q: How does the Genral Ledger work?

A: General ledger is the account prepared by the company for each transactions made by the company. It…

Q: When is it necessary to estimate inventories?

A: Inventories are resources which are held to be sold in the market. Inventories can be in the form of…

Q: What role does the general ledger department play in the conversion cycle?

A: Conversion Cycle: A set of all processes that are used to collect inputs and convert them into final…

Q: What is the purpose of a registration statement?

A: Registration statement is a legal document which is filed with the SEC to register securities for…

Q: What are three tasks of the fixed asset system?

A:

Q: In one sentence, what does updating a master file record involve?

A: Definition: Database: A database can be defined as a collection of structured data that is stored in…

Q: What information is provided by a record layout diagram?

A:

Q: Explain inventory system and its functions

A: Inventory is the detailed list of items that are present on hand. It constitute of all the finished…

Q: For each of the following records, indicate the appropriate related file structure: master file,…

A: Personnel action form: Archive File because these are past transactions records which are retained…

Q: 4) Identify and explain the techniques and methods to manage inventories.

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

Q: Define LIFO inventory pools.

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: What questions should be asked after a returned item hasbeen counted and recorded?

A: Returned items are goods that are returned to the manufacturer or secondary retailers.

Q: How is the LIFO method used to calculate inventories? Is this permissible according to GAAP?

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: what is posting system in detail ?

A: Accounting is a tool of recording, summarising and analysing the financial transactions and events…

Q: What are the five components of an internal control system?

A: An internal control system is referred to as a set of rules, guidelines, and policies that are…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.