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What is function of return inward journal?
The return inward journal is primarily used to record items that a business returns to its suppliers or vendors, such as defective goods or excess inventory. This journal helps track these transactions for accurate inventory management and accounting. By documenting returns, businesses can adjust their accounts payable and maintain accurate financial records, ensuring that they reflect the true state of their assets and liabilities.
Which basic production planning strategy will build inventory and avoid the costs of excess capacity?
Which basic production strategy will build inventory and avoid the costs of excess capacity
What are the merits of continuos inventory records?
There is something called the Opportunity cost. The regular inventory check would help in minimization of the capital tied up in excess inventory and the opportunity cost can be minimized by that. So the biggest merit of that is to lay check on the maintenance and excess tied up capital to the inventory reserves.
Is billings in excess of cost reported in current asset side is your inventory?
No, billings in excess of costs are a current liability.
A check drawn by a company for 270 in payment of a liability was recorded in the journal as 720 What entry is required in the company?
Reduction in liability for 550 should be recorded in journal to reduce the excess payment.
What is function of return inward journal?
The return inward journal is primarily used to record items that a business returns to its suppliers or vendors, such as defective goods or excess inventory. This journal helps track these transactions for accurate inventory management and accounting. By documenting returns, businesses can adjust their accounts payable and maintain accurate financial records, ensuring that they reflect the true state of their assets and liabilities.
What is the formula for actual reserve?
excess reserve plus the reserve requirements
Which basic production planning strategy will build inventory and avoid the costs of excess capacity?
Which basic production strategy will build inventory and avoid the costs of excess capacity
What is a major inhibitor for the DoD to sell excess inventory?
Difficulty with identifying and classifying excess items
What is another words to excess or reserve?
surplus and cache
How do you calculate the excess inventory across a supply chain or at a particular site warehouse?
You would have to do a count of all the inventory. Have all the managers submit the information so you can determine the excess.
How do businesses manage excess inventory?
With excess inventory, it is possible to return it back to the supplier for a fee. However, if a business still wants to attempt to make a profit, many businesses will put the inventory up for sale or clearance. This usually occurs at the end of a selling season when new inventory is coming in.
What do you mean by royalty reserve?
landlord transfers the excess of minimum rent over Royalty to Royalty reserve account.
What are the merits of continuos inventory records?
There is something called the Opportunity cost. The regular inventory check would help in minimization of the capital tied up in excess inventory and the opportunity cost can be minimized by that. So the biggest merit of that is to lay check on the maintenance and excess tied up capital to the inventory reserves.
Is billings in excess of cost reported in current asset side is your inventory?
No, billings in excess of costs are a current liability.
How do companies liquidate excess inventory that isn't selling?
Companies have several options when liquidating inventory. They can hold liquidation sales for the public. Or they can send their inventory to be auctioned by bulk.
Are funds that the bank uses to satisfy the reserve requirement?
excess reserves
