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

Q: What are the important factors in using a perpetual inventory system?

A: There are two types of inventory systems: Perpetual and Periodic.

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: What are the two types of inventory accounting systems? Briefly describe each.

A: Inventory Accounting Systems: Merchandise operation is an operation undertaken by the company to…

Q: Discuss some measures that should be taken to maintain control over merchandise inventory.

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Q: What are the different methods to estimate inventory?

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Q: Define inventory costing system.

A: Inventory cost flow assumptions: These are the methods used by the companies to compute the cost…

Q: Importance of inventory control system

A: Importance of inventory control system:-

Q: What is a Perpetual inventory system?

A: Perpetual Inventory System: The perpetual inventory system records and updates the inventory after…

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: What are the objectives of inventory control in the production process?

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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: 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 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: O and LIFO inventory management?

A: The method an organization uses to assess their inventory prices can have an effect on their…

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: Vhat is the correct amount of inventory?

A: amount of inventory = FG + cost + goods in process +material + factory supplies

Q: What is inventory shrinkage? What are some of the reasons for inventory shrinkage?

A: Inventory Shrinkage :  As the name suggests, it is considered as shrinking or shortening of…

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: What are the key factors that can lead to an under/overstatement of the inventory balance?

A: Answer: Inventory balances are sometimes overstated and sometimes understated.

Q: How is Inventory audited?

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

Q: What is the role of Finished-goods inventory?

A: Stock is the term used for the products that are ready for sale and raw materials used to create…

Q: Why would a "Just in Time" inventory management practice be preferred over a "Just in Case inventory…

A: Just in Time Inventory Management:- It is the inventory technique where labor, material, and other…

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: What is an inventory manager?

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

Q: How does an inventory error effect the financial statements?

A: Inventory error:   Inventory errors are sometimes caused by making mistake in physical count, in…

Q: Explain the difference between the flow of cost and the flow of goods as it relates to inventory.

A: Flow of cost means allocation of various cost to  inventory  It refers to a process of allocating…

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: Why is it important to manage inventory?

A: Given: To manage the inventory as follows,

Q: Explain the different types of inventory.

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

Q: How does analyzing inventory errors is helpful?

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

Q: Explain the differences between a Perpetual Inventory system and a Periodic Inventory System.…

A: Periodic Inventory System:-  Its an Inventory Valuation Method where inventory account is updated at…

Q: When would slicing and dicing be an appropriate OLAP tool? Give an example of inventory

A: OLAP means Online Analytical Processing. It includes decision support, modeling, information…

Q: Which of the following is NOT an inventory management technique?

A: Every business unit follows an inventory management process to manage its stock of goods efficiently…

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 some specific inventory carrying costs? As defined here,are these costs fixed or variable?

A: Examples embrace cash spent on feat product, interest paid on a procurement, interest lost once…

Q: When does an inventory error cancel out, and why?

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Q: What are the components of total inventory costs?

A: Total Inventory Cost consist three main component.