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Independent internal verification of the physical inventory process occurs when?
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What is an adjustment to internal and external physical structures?
Internal and external? 4real
What is considered an internal influence on your participation in physical?
You
Which physical properties of copper wire are independent of the amount of matter?
Shape
What are all the proper units of mass liquid volume and solid volume?
Mass is independent of the physical state of the substance.
What is independent of the amount of substance?
Density, Melting and boiling points, shape, color, temperature and so many other physical quantities.
Journal entry to record physical inventory?
To record the purchase of physical inventory: Dr. inventory Cr. cash To record sale of physical inventory: Dr. cost of goods sold Cr. inventory
What are the Five methods of internal control of cash?
establishment of responsibility segregation of duties documentation procedures physical, mechanical, and electronic controls independent internal verfication
What does the term Physical Inventory?
Physical inventory refers to the actual inventory in the warehouse. Inventory refers to completed products, not work in progress or raw materials.
Why physical inventory?
Physical inventory is a process where a business physically counts its inventory. It may be mandated by financial accounting rules.
What does the term Physical Inventory represent?
Physical inventory refers to the actual inventory in the warehouse. Inventory refers to completed products, not work in progress or raw materials.
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.
Is it necessary to take a physical inventory when using the perpetual inventory system?
Yes
What is the criteria for an idea to become a physical law?
Experimental verification.
What are the importances of physical inventory?
There are many different reasons why taking physical inventory is important. This is most important because it can differ from what is on record.
How does a company that uses the perpetual inventory system determine the amount of inventory shrinkage?
By taking a physical count. They will take their recorded amount and subtract the physical count to analyze inventory shrinkage.
What are the objectives of stocktaking?
It is a physical verification of the quantities and condition of items held on the business premises. Can be used as part of a company audit. In some industries the stock take will be used to inform the inventory figures to ensure an accurate measure of stock in hand.
What methods do not require a physical inventory periodic inventory system perpetual inventory method retail method or gross profit method?
periodic inventory system
