Question: What is the primary reason for maintaining an inventory count timetable? A. To ensure obsolete inventory is identified on a timely basis B. To ensure

What is the primary reason for maintaining an inventory count timetable?


A. To ensure obsolete inventory is identified on a timely basis 


B. To ensure the warehouse staff are not stealing inventory 


C. To ensure all areas are counted at least once a year 


D. To ensure damaged inventory is identified on a timely basis E. None of the options listed

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

The detailed answer for the above question is provided below The pri... 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

Students Have Also Explored These Related Accounting Questions!

Q:

What is the primary reason for the use of the LCNRV method of inventory valuation? What does the term net realizable value mean?

Q:

The following information was taken from the accounting records of the Lamberson Company: Additional information for the year: (a) Sales ............$ 39,930 Cost of goods sold .........(19,890)...

Q:

MULTIPLE-CHOICE QUESTIONS 1. What is the primary difference between fraud and errors in financial statement reporting? a. The materiality of the misstatement. b. The intent to deceive. c. The level...

Q:

This is a paper from the Singapore QP exams (Dec 2015). I need detailed solutions for question 3 from someone familiar with the Singapore Standards of Auditing Singapore Qualification Programme (QP)...

Q:

Course Summary IS-200.b - ICS for Single Resources and Initial Action Incidents Lesson 1: Course Overview Course Welcome The Emergency Management Institute developed ICS 200, ICS for Single Resources...

Q:

Convergence at Meeack Corp.: On December 31, 2015, Ms. Levine CPA, your manager and the treasurer of the U.S. division of the pharmaceutical company Meeack Corp. had just finished acquiring the...

Q:

Convergence at Meeack Corp.: On December 31, 2015, Ms. Levine CPA, your manager and the treasurer of the U.S. division of the pharmaceutical company Meeack Corp. had just finished acquiring the...

Q:

i need 5 balance sheets for Auto Zone company from the resources "attachments and the link below" for the last 5 years, 2011-2012-2013-2014-2015 with the sixth page including the total income and...

Q:

Bellima, CPA, has been engaged to audit the financial statements of Dew Inc., a manufacturer of semiconductors, for the year ended 12/31/Y2. As an audit staff member at Bellima, you have been...

Q:

Summarize the following chapter in your words: (Basic elements of organizing) The Organizing Process organization.2 As you will see in this chapter, managing the basic frameworks that organizations...

Q:

An infinite plane of uniform dielectric with permittivity e is uniformly charged with extraneous charge of space density p. The thickness of the plate is equal to 2d. Find: (a) The magnitude of the...

Q:

There will be some new regulations to the UK financial sector. And the government will make changes to the UK Corporate Governance Code to bring effect to the proposed overhaul. These proposals have...

Q:

determine whether the following series converges absolutely , converges conditionally, or diverges. ( - 1 ) ^ kk ^ 5 / root k ^ 1 2 + 9

Q:

Premium Entries Moleski Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2010, Moleski Company purchased 8,800...

Q:

Fair Lakes Hospital Corporation has been operating ambulatory surgery centers in Groveton and Stockdale, two small communities each about an hour away from its main hospital. As a cost control...

Q:

Relevant costs, opportunity costs. Larry Miller, the general manager of Basil Software, must decide when to release the new version of Basils spreadsheet package, Easyspread 2.0. Development of...

Q:

You have the following information for Wirth Inc. for the month ended June 30, 2012. Wirth uses the periodic method for inventory. Instructions(a) Calculate (i) Ending inventory , (ii) Cost of goods...

Q:

In Fig. 29.37 a conducting rod of length L = 30.0 cm moves in a magnetic field B of magnitude 0.450 T directed into the plane of the figure. The rod moves with speed v = 5.00 m/s in the direction...

Q:

if npv is higher but irr is almost the same irr can it be recommended because npv is higer

Q:

Find y given that dy/dx = (2x + 3) 2 .

Q:

Find an equation of the line that passes through the point (3, 4) and is perpendicular to the line 4x 6y + 7 = 0.

Q:

Find the value of k if (x 2) is a factor of x 3 3x 2 + kx 10.

Q:

A gift shop in a tourist centre is open only on weekends (Friday, Saturday, and Sunday). The owner-manager hopes to improve scheduling of part-time employees by' determining seasonal relatives for...

Q:

The following data shows a small tool and die shops quarterly sales (in $000s) for the current year. What sales would you predict for the first quarter of next year? Quarterly seasonal relatives are...

Q:

New-car sales of a dealer during the past year are shown in the following table, along with monthly seasonal relatives. a. Plot the data. Does there seem to be a trend? b. Deseasonalize the new car...