Who is responsible for releasing an order? Describe what happens to the inventory records andto PAC and purchasing.

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

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

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: 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: How do you enter an adjusting entry for Inventory?

A: Inventory adjustment Fluctuation in the inventory is a serious issue for a business entity. The…

Q: By following the LIFO process calculate the Ending inventory value.

A: Introduction: LIFO: LIFO stands for Last in First out. Which means last received inventory to be…

Q: Explain "the inventory process sits between the revenue and the purchasing processes. the subject…

A: Inventory management is defined as a process of ordering, managing, storing, and implementing the…

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: What account is debited when recording a purchase of inventory when using the perpetual inventory…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: What inventory systems do you know are used in a buying and selling business?

A: The inventory systems popularly used are the  1) Perpetual inventory system  2) Periodic 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: Determine the goods and costs included in inventory.

A: The cost included in inventory includes all the costs incurred to prepare such inventory for sale.…

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 are the columns that are typically used in the purchases journal?

A: A Purchase Journal records all purchases made on credit during a period. In other words, this is the…

Q: Describe the integration of the Inventory Ledger with the Payables, Receivables and General Ledgers.…

A:

Q: What is the name of the account used to record purchases of merchandise inventory?

A: The concept of merchandise inventory is associated with cost of goods that is in hand and available…

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: Describe in words the journal entries that are made ina perpetual inventory system when inventory is…

A: Perpetual inventory system provides a running balance of cost of goods available for sale and cost…

Q: What journal entry is required to record goods taken from inventory by the owner of a business for…

A: We have the following question: What journal entry is required to record goods taken from inventory…

Q: what is procedure to posting account receivable ledger and inventory system . Explain with entry

A: Accounts receivable ledger shows the balances of the debtors to whom the stocks were Sold on credit.…

Q: Explain how inventory is used and understand what it costs.

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

Q: Prepare the inventory records using the First-in-first-out (FIFO) method.

A: FIFO Method - In this method, the quantity which is purchased first is sold first and basis on that…

Q: What general ledger journal entries does the purchases system trigger? From which departments do…

A: Purchasing System: The identification and procurement of the inventory needs for the organization is…

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: 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: What account is debited when recording a purchase of inventory when using a periodic inventory…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: Explain the inventory accounting system.

A: Inventory accounting is the body of accounting that used to valuing and accounting for changes in…

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 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: Identify whether each description best applies to a periodic or a perpetual inventory system.…

A: Definition: Perpetual inventory: Under the perpetual inventory system, each transaction for the…

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 calculation of the cost of goods sold when using the periodic inventory system.

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

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

A: Internal control is a process or system that helps to assure reliability, compliance, security, or…

Q: Describe the inventory recording methods.

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

Q: Describe the recording process for purchases of merchandise inventory using a Perpetual inventory…

A: Under perpetual inventory system, changes in merchandise inventory account are recorded after each…

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: 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…

Q: What are the two journal entries involved when recording the sale of inventory when using the…

A: Perpetual inventory system refers to the inventory system that maintains the detailed records of…

Q: Under which type of inventory system is an inventory sub-sidiary ledger maintained?

A: Inventory subsidiary ledger is a ledger or account that is used to record all inventory related…