A physical inventory count is an example of a
1. A physical inventory count is an example of a
Answer:
Detective Control
Explanation:
2. The physical count of inventory of a retailer was higher
The physical count of inventory of a retailer was higher than shown by the perpetual records
if it's true or false My ans is True
3. A client's physical count of inventory is was higher than the inventory quantities were the perpetual records
Answer:
A client's physical count of inventories was higher than the inventory quantities shown in the perpetual records. This situation could be the result of the failure to record test and observe the client's physical count of inventory.
Explanation:
#studyhard
4. What is the difference between a physical inventory from a perpetual inventory.
Answer:
Perpetual inventory continuously tracks and records items as they are added to or subtracted from the inventory. And it keeps track of the cost of goods purchased and sold. Physical inventory uses a periodic schedule to manually count and record items and keep track of the cost of what's bought and sold.
5. what is the purpose of inventory count sheet and requisition
determines the specific value of assets at certain stages in their development and production.
6. What is the importance of conducting physical inventory?
Answer:
Physical inventory counts are a way of ensuring that a company's inventory management system is accurate and as a check to make sure goods are not being lost or stolen.
7. Why would the physical count of inventory be different than what is shown in perpetual inventory records?
Answer:
Discrepancies often occur between the physical count and the perpetual records because of clerical errors, theft, waste, misplacement of goods, etc. Define "cost" as applied to the valuation of inventories.
8. Cycle counting is an inventory control technique exclusively used for cyclical items.
Answer:
inventory records
Explanation:
9. Punch company reported inventory per physical count at p1,500,000
Answer:
thx thx for the point
Step-by-step explanatio
10. An auditor selected items for test counts while observing a client's physical inventory
letter i yung sagot sa milktea
11. An inventory count must always be observed at the balance sheet date.
An annual inventory count is necessary to determine the actual value of your inventory at the end of the year. ... Conducting an inventory count will help keep your inventory compliant with generally accepted accounting principles.
12. Why is there a need to conduct an inventory count at the end of the period despite havinga stock card as a means of control under perpetual inventory system?
Answer:
anong grade po ito? peace
13. Reeves company is taking a physical inventory on march 31, the last day of its fiscal year. which of the following must be included in this inventory count
Answer:
If companies have identical inventoriable costs but use different inventory flow assumptions when the price of goods have not been constant, then the
cost of goods purchased during the year will be identical
Explanation:
yan nlng
14. Works in a storeroom. she maintains the inventory records, counts the inventory, and has unlimited access to the storeroom. she occasionally steals items of inventory and hides her thefts by overstating the physical inventory records.
Answer:
Michael Meyer
15. At the beginning of the year, SnapIt had $10,000 of inventory. During the year, SnapIt purchased $35,000 of merchandise and sold $30,000 of merchandise. A physical count of inventory at year-end shows $14,000 of inventory exists. Prepare the entry to record inventory shrinkage.
Answer and Explanation:
The inventory shrinkage can be calculated as follows:
Beginning inventory + Purchases - Cost of goods sold - Ending inventory = Inventory shrinkage
$10,000 + $35,000 - $30,000 - $14,000 = $1,000
This means that $1,000 of inventory has been lost or damaged during the year.
To record the inventory shrinkage in the books of SnapIt, the following journal entry should be made:
Inventory Shrinkage Expense $1,000
Inventory $1,000
This entry will increase the inventory shrinkage expense account by $1,000 and decrease the inventory account by the same amount, reflecting the loss of inventory.
Feedback me:
If my answer is Correct and you like it, make me as brainiest
16. Ordinarily, an auditor need not count all items in the inventory.
Answer:
Ordinarily, an auditor need not count all items in the inventory.
Step-by-step explanation:
Ordinarily, an auditor need not count all items in the inventory. At the completion of the count, an auditor will ordinarily provide the client with copies of his or her inventory test counts to help assure inventory accuracy.
17. A physical count of inventory was done on october 31 which amounted 195000
Answer:
Learning Task 2: Arrange the following by writing numbers 1-21 in the box Indicate 1 as the most worthy to you and 2 as the least worthy to you. Do this in your notebook.
Step-by-step explanation:
sorry nakaw point❤️
18. Which statement(s) below is(are) correct regarding the purpose of taking a physical inventory count?
Answer:
The physical count is used to determine if there has been any theft, loss, damage or errors in inventory. - The physical count is used to adjust the Inventory account balance to the actual inventory available.
#Brainliest po
#Carry on Learning
19. Which of the following should be taken into account when determining the cost of inventory?
Answer:
[-t] [-a] [-n count] [-l size] [-f] [-i TTL] [-v TOS]
[-r count] [-s count] [[-j host-list] | [-k host-list]]
[-w timeout] [-R] [-S srcaddr] [-c compartment] [-p]
[-4] [-6] target_name
-t
tex]\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}tex]
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
To see statistics and continue - type Control-Break;
To stop - type Control-C.
-a Resolve addresses to hostnames.
-n count Number of echo requests to send.
purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
[-t] [-a] [-n count] [-l size] [-f] [-i TTL] [-v TOS]
[-r count] [-s count] [[-j host-list] | [-k host-list]]
[-w timeout] [-R] [-S srcaddr] [-c compartment] [-p]
[-4] [-6] target_name
-t
tex]\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}tex]
\purple{\rule{45pt}{7pt}}\blue{\rule{45pt}{99888pt}}
-c compartment Routing compartment identifier.
-p Ping a Hyper-V Network Virtualization provider address.
-4 Force using IPv4.
TENKYUU SA POYNTSS<3
Explanation:
20. Allowing entities to estimate rather than physically count inventory at interim periods is an example of a tradeoff between:
Answer:
2, which of the following relates to both relevance and reliability? ... (A) verifiability and reliability. Allowing firms to estimate rather than physically count inventory at interim (quarterly) periods is an example of a trade-off between. (C) timeliness and verifiability.
21. You are at a company picnic and the company manager starts a conversation with you. The manager says "Since we use the perpetual inventory system, there is no reason to take a physical count of our inventory." What is your response to the manager's remarks?
Answer:
Nasa isang picnik ka ng kumpanya at nagsimula ang isang tagapamahala ng isang pakikipag-usap sa iyo. Sinabi ng manager na "Dahil ginagamit namin ang panghabang-buhay na sistema ng imbentaryo, walang dahilan upang kumuha ng isang pisikal na bilang ng aming imbentaryo."
Explanation:
Answer:
bsjwbdvuxkwbzyzjabahsisu
Explanation:
hsiebdgd
22. Brandy company took a physical inventory at the end of the year and determined that 2,600,000 pesos of goods were on hand. in addition, the entity determined that 200,000 pesos of goods purchased in transit shipped fob shipping point were actually received two days after the physical count and that the entity had 300,000 pesos of goods out on consignment. what amount should be reported as inventory at year-end
Answer:
Brandy Company took a physical inventory at the end of the year and determined that P2, 600,000 of goods were on hand. In addition, the ...
23. The auditor has always received good cooperation from a particular client and has no reason to question management’s integrity. The controller has requested that the auditor inform her about which warehouse locations that the auditor will visit during the upcoming inventory count. In addition, the controller has requested copies of the auditor’s observations on the physical inventory because she wants to make sure that a good inventory was taken. Should the auditor comply with these requests? State your rationale, including a discussion of professional skepticism.
Answer:
The auditor should not comply with these requests.
Professional skepticism is an attitude that should be maintained by auditors throughout the audit process, which means auditors should not take management's representations at face value, but should instead critically assess the evidence to support those representations.
The auditor should be independent and should not reveal the audit plan to anyone within the company, as this could compromise the integrity of the audit. Informing the controller about which warehouse locations the auditor will visit during the inventory count could lead to potential manipulation of the inventory count. Also, providing the controller with copies of the auditor's observations on the physical inventory could lead to potential manipulation of the inventory count.
In addition, the auditor's role is to provide an independent and unbiased assessment of the inventory count, not to help management ensure a good inventory was taken. The auditor's role is to provide assurance that the inventory count is accurate and that it is in compliance with the relevant laws, regulations and standards.
Therefore, the auditor should not comply with these requests as it is not in line with the principles of professional skepticism and independence.
24. is there really a need for a physical count under periodic inventory system?
Answer:
Yes, there really ne3d for a physical count under periodic inventry system
Step-by-step explanation:
because the periodic system is a system of inventory in which updates are made on a periodic basis. This differs from perpetual inventory systems, where updates are made as seen fit. In a periodic inventory system no effort is made to keep up-to-date records of either the inventory or the cost of goods sold.
25. 2. If you are the accountant of a certain company, in an event wherein the inventory per stock card doesnot reconcile against inventory per physical count, which will prevail?
Answer:
the amount of sold of the company
26. The physical count of inventory of a retailer was higher than shown by the perpetual records
Answer:
true
Explanation:
27. True or False1.Merchandise inventory at the end of the period is determined through physicalcounting of the merchandise on hand,2.Merchandise Inventory, end is being priced at selling price rather than its cost3.Net Sales is arrived at after deducting Sales.4.Beginning Inventory plus Net Purchases equals total goods available for sale5.There are two (2) classes of merchandise inventory; the beginning and ending.6. The ending inventory of one period eventually becomes the beginning inventory of the next period7. A work conducted to determine the quantity of goods on hand is termed"physical inventory count".
Answer:
1. False
2. True
3. true
4. False
5. True
6. False
7. False
Step-by-step explanation:
28. Which of the following should be taken into account when determining the cost of inventory?
Answer:
may pag pipiliian po ba yan??
Answer:
need point for give ayaw
29. Which of the following should not be taken into account when determining the cost of inventories?
Answer:
SAAN PO YUNG FOLLOWING ?
30. After counting for a sequence of inventory tags an auditor has accounted
After accounting for a sequence of inventory tags, an auditor traces a sample of tags to the physical inventory listing to obtain evidence that all items
—
Pa-brainliest if possible, thank you!!
#CarryOnLearning
#Alice
#Ace
