Accounting
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Boundless Accounting
Controlling and Reporting of Inventories
Accounting Textbooks Boundless Accounting Controlling and Reporting of Inventories
Accounting Textbooks Boundless Accounting
Accounting Textbooks
Accounting

Section 2

Controlling Inventory

Book Version 3
By Boundless
Boundless Accounting
Accounting
by Boundless
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4 concepts
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Internal Controls

Inventory internal controls ensure that a company has sufficient resources to meet its customers' needs without having too much goods.

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Perpetual vs. Periodic Counting

Perpetual inventory updates the quantities continuously and periodic inventory updates the amount only at specific times, such as year end.

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Conducting a Physical Inventory

There are three phases of a physical inventory: planning and preparation, execution, and analysis of results.

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Impact of Measurement Error

Measurement error leads to systematic errors in replenishment and inaccurate financial statements.

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