Which of the following is NOT an inventory management technique?

Q: How is the cost of ending inventory determined when pools are used?

A: A LIFO inventory pool is a method under which the individual units having same physical similarities…

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: Do you apply the LCNRV method to each individual item, to a category, or to the total of the…

A:

Q: Do the terms LIFO, FIFO, and Weighted Average have anything to do with the actual physical flow of…

A: LIFO stands for Last in First out which means that the accounting will be done in such a manner that…

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: 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 is inventory blanket lien?

A: Lien: Lien is a lawful right in contradiction of assets that are usually utilized as security to…

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: Describe the types of errors in inventory.

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: Which of the following statements regarding inventory shrinkage is not true?

A: Suppose that there is inventory of $400,000( 5,000 units) in any firm in the beginning of accounting…

Q: What is inventory conversion period?

A: Conversion period refers to the length of period at which one asset is converted into another form.…

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: 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: 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 valuation made? Explain?

A: Stock or inventory are important yet inert resources lying with the organization at the end of an…

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: 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: Which of the following would cause periodic ending inventory to be overstated?

A: Note - the answer has been provided on the basis of information available in question. If any…

Q: What analytical procedures might reveal obsolete or slow-moving inventory?

A:

Q: Are there different methods used to account for perpetual inventory?

A: Perpetual inventory is a continous estimation of the inventory balances based on our books of…

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: What are the reasons for making an estimate of the value of ending inventory?

A: Ending inventory is the value of goods available in the stock at the end of the period

Q: What is an upstream sale of inventory?

A: The upstream sale of inventory is an inter-company transaction between the parent company and the…

Q: Explain Inventory Estimation Techniques.

A: Inventory Estimation Techniques:

Q: Define the term inventory costs.

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

Q: Why is it important to manage inventory?

A: Given: To manage the inventory as follows,

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: Which of the following items should not be included in the cost of inventory?

A: All cost of purchases, cost of conversion, and other costs incurred in bringing the inventories to…

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: How does analyzing inventory errors is helpful?

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

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 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: 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: 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: What makes the recording of inventory at its proper amount difficult on the financial statements?

A: Inventory is the current assets of the company. In a manufacturing concern, inventory includes the…