Question: Outline the two methods of taking a physical inventory count. Why is it necessary for every small business manager to take inventory?

Outline the two methods of taking a physical inventory count. Why is it necessary for every small business manager to take inventory?

Step by Step Solution

★★★★★

3.25 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

There are two basic methods of conducting a physical invento... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

1447-L-B-L-E(423).docx

120 KBs Word File

Students Have Also Explored These Related Business Law Questions!

Q:

As a result of taking a physical inventory count on December 31, 2016, the Mona Lisa Company inventory was determined to be $61,500. The auditors for Mona Lisa suspected an inventory shortage and...

Q:

Why is it necessary for managers and other decision makers to understand how accounting information is developed and reported? Shouldnt it just be managements job to manage and the accountants job to...

Q:

Why is it necessary for business people to monitor political activity concerning international trade?

Q:

Outline the two methods of taking a physical inventory count. Why is it necessary for every small business manager to take inventory?

Q:

1229. Multiple Choice Questions Select the best answer for each of the following and explain fully the reason for your selection. a. Which of the following is least likely to be among the auditors...

Q:

I'm in serious need of help in my accounting class (acc205) . I'm falling behind and I need help with this weeks assignment. for week three for the may-june month . can someone please help me ....

Q:

I would like assistance with assignment 3 and 4 on the attached document I have been struggling with the subject and its my last AUI4863/102/0/2016 Tutorial letter 102/0/2016 ADVANCED INTERNAL AUDIT...

Q:

I need the multiple choice questions answers from chapter 4 and 5 of the attached & Monograph...

Q:

Smackey Dog Foods Inc. started in the kitchen of Sarah, Kim, and Jillian?s family home in the suburbs of Chicago. The three sisters initially bought the ingredients for their natural dog food recipes...

Q:

It was January 7, 2021, and Naomi Federer, owner of Tremendous Tennis Balls Inc. (TTB), was reviewing the company's financial performance for its third fiscal year. To update the accounting records,...

Q:

Vortex Manufacturing needs to replace one of its machines. There are two different machines, Bendit and Twister, on the market, which management is considering. Based on Vortexs business activities,...

Q:

Analyze and assess how a management accounting could be used within your organization to improve their strategic decision making. You may make your organization a fictitious one OR you may use an...

Q:

ABC Plc and DM bank are two parties of a derivative contract to hedge exchange rate risk. At the end of the contract, ABC Plc has a net loss position of 4 . 1 million and refused to pay the entire...

Q:

4. What is the significance of value generation and value addition to the process of strategic decision-making and strategic choice?

Q:

I thought principals were only liable for the negligent torts of their agents. Romeros tort was intentional.

Q:

Did Coopers negligence cause the loss to Oregon?

Q:

1. Was Coopers negligent in advising Oregon on the gain from the sale of its subsidiary? 2. Did this negligence cause a delay in Oregons public offering? 3. Did Oregon receive less money in the...

Q:

Homework 2 Test Case Creation Using the following pseudocode, provide 5 unique test cases that would help validate the algorithm in the Pseudo-code below. Be sure to place the test cases in a table...

Q:

Quantitative Problem: You are given the following probability distribution for CHC Enterprises: State of Economy Probability Rate of return Strong 0.2 19% Normal 0.5 9% Weak 0.3 -4% a)What is the...

Q:

Recording and Reporting Customer Advances equipment to the customer. Total sales price is $880,000 and the remaining balance is due upon delivery of the equipment. Required a. Record the entry on...