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Q: What is the purpose of performing a time inventory?
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What is the purpose of identifying it assets and inventory?

The purpose of identifying assets and inventory is so the value of the company can be accurately reflected. Assets and inventory need to be known for tax purposes.


What is the purpose of inventory reserve estimates at balance sheet date?

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Which reason is most important for performing an inventory and making photographs of equipment?

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Short notes on the Inventory?

Inventory refers to the tangible goods and materials that a business holds for the purpose of reselling. The reasons for keeping include appreciation of value, economies of scale, seasonal demand, time and uncertainty.


What purpose does physical inventory serve?

Taking inventory more than once a year, and thus looking at stocks over shorter periods of time, often results in discovering accounting or processing errors


Explain just in time?

Just-in-time is an inventory system that is considered lean. With just-in-time inventory, a business doesn't have inventory on hand for customers.


Which describes the purpose for maintaining an inventory system?

All above


Is inventory considered an asset?

Yes merchandise inventory is asset for business which company maintain for sale purpose and to earn revenue.


Is merchandise inventory considered an asset?

Yes merchandise inventory is asset for business which company maintain for sale purpose and to earn revenue.


Why was the Doomesday book not popular?

It established an inventory used for the purpose of taxation.


Why are incidental costs sometimes ignored in inventory costing?

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