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Q: Explain briefly the two directions of inventory test counts?
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Why physical inventory?

Physical inventory is a process where a business physically counts its inventory. It may be mandated by financial accounting rules.


Will switching to a perpetual inventory system eliminates the need for a physical inventory count?

NOP. Physical inventory counts are always needed to verify accuracy of records.


An auditor selected an inventory item on the warehouse floor test counted it and traced the count to the final inventory compliation The auditor most likely was testing the?

The Auditor was maybe testing the warehouse inventory counts and who maybe in control on the inventory control


What are Problems of manual inventory systems?

Manuel inventory systems are used with no technology and inventory is physically counted. The problems with this type of system include that they are time consuming, counts can be off and cost the company money, and ordering supplies can be off if the inventory is not done correctly.


What are the advantages of inventory management?

The advantages of inventory management are to help you to reduce inventory holding thus increase your profit. Inventory data accuracy will be improved as all the incoming and outgoing stocks are recorded properly in the system. With proper inventory management, you can increase productivity by reducing the head counts and overtime.


What is vendor managed inventory?

"Vendor Managed inventory is normally when the manager of the store or where ever else inventory is taken, takes the items in the place and counts them up so they know what they have in the store. Also what they need to order for the store."


What are advantages of effective inventory management?

Effective inventory management can help you to reduce inventory holding thus increase your profit. Inventory data accuracy will be improved as all the incoming and outgoing stocks are recorded properly in the system. With proper inventory management, you can increase productivity by reducing the head counts and overtime.


What is stock audit?

A stock audit is essentially when someone physically counts and looks at the inventory that a business has left. This is to ensure that their numbers on the books are accurate.


What is usually kept in a stockroom?

A stock room is a room where business keep their inventory or stock. The store room is organised so stock is not lost and inventory counts happen everyday to make sure that potential goods that can be sold are not lost.


Why do the directions for cooking pasta often advise adding salt to the water?

I have no idea. It makes precious little difference. The sauce is what counts!!


Advantages and disadvantages the retail inventory method?

It is cost effective and simple for companies to implement since it reduces the number of physical inventory counts. It is also accepted as a method of determining cost of goods sold for income tax purposes by the IRS.


What is a tree run on RuneScape?

A Tree Rune is where a player goes to a tree and cuts a full inventory of logs from it, and then banks them, this counts as 1 run, what they do after this is they repeat the process.