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What is the inventory system in accounting?
Inventory system is more likely recorded in the Balance Sheet section in accounting. It will not be at the Profit and Loss section.
Inventory method that least likely mimics actual physical flow of inventory?
FIFO method where the older items are sold first.
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 companies would be more likely to use the specific identification inventory costing method?
walmart
How does inventory affect taxes?
To some extent, this answer depends on where you live, but here are a few answers: - if you possess inventory that you do not expect to be able to sell, it can often be written down/off - if you possess inventory because a customer ordered it but did not make payment, the unpaid account can be written down less the value of the resale on the item - if the inventory has lost value over time (eg. electronics) then you may be able to claim some capital cost allowance (aka depreciation) - obviously, investing in inventory is a business expense and should be noted as such, so that it is likely your tax bill will be far lower in your business's first year(s). Overview:A solid system of inventory will make it possible to find the perfect balance between stock on hand and stock needed. If you are operating your company with a high inventory then you will most likely be paying more taxes. You can minimize the amount of taxes due each period by implementing a successful inventory management system.
If a firm uses just in time inventory system what effect is that likely to have on the number and location of suppliers?
Companies using a just-in-time inventory system will need to have their vendors close by. They will also need to have a lot of vendors and suppliers.
What you need to open sprinkler company?
To open a sprinkler company you will need a business plan, a location, customers, and inventory. You will likely need licensing if you are working within a municipality.
What happened to the missing items that suddenly disappeared from the inventory?
The missing items that disappeared from the inventory were likely stolen or misplaced.
Which type of organization would most likely have work-in-process inventory?
Manufacturing organizations are most likely to have work-in-process inventory. This type of inventory represents partially completed goods that are still in production but not yet ready for sale.
Why are suppliers interested about the business?
It is in the best interest of suppliers if the companies that they sell to do well. Many suppliers attempt to create long-term relationships with customers in order to get repeat business. The better their regular customers perform, the more likely the suppliers are to get repeat business.
What is the inventory system in accounting?
Inventory system is more likely recorded in the Balance Sheet section in accounting. It will not be at the Profit and Loss section.
Inventory method that least likely mimics actual physical flow of inventory?
FIFO method where the older items are sold first.
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
Which type of organization would most likely have work-in process inventory?
A manufacturing company
Which type of organization would most likely have work in process inventory?
A manufacturing company
Constantine MOST LIKELY chose the location for Constantinople because the location?
A
What companies would be more likely to use the specific identification inventory costing method?
walmart
