Question: Question 1: Proficient : Explain why proper inventory valuation is so important to the calculation of a company's bottom line net income. Whatisthemeaningoftakingaphysicalinventoryandwhyisitimportanttotakeaphysicalinventorywhenusingaperpetualinventorysystem. Distinguished: Explain

Question 1:

  • Proficient:
    • Explain why proper inventory valuation is so important to the calculation of a company's "bottom line" net income.
    • Whatisthemeaningoftakingaphysicalinventoryandwhyisitimportanttotakeaphysicalinventorywhenusingaperpetualinventorysystem.
  • Distinguished:
    • Explain the accountant's role regarding taking a physical inventory.

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