She felt that she and the other accountants should have helped develop more timely and effective system controls."
Accountant B. was right to be concerned. However, the balance sheets that were created during the year would eventually be checked, and the inventory balances would be noted. It would also be noted that inventory balances had been adjusted to reflect all downward adjustments at the end of the year The related income statement account would then have the periodic adjusting entry, which for CBU, when compiled at the end of the year, should equal the amount of $1 million.
Losses in supplies, but usually not inventory, need to be entered into the asset account in order to reduce the periodic balances. If part of January's inventory had been lost, that would have been recorded in January under the old (Perpetual) system. But under the Periodic System, it would not have been necessary to record any loss of inventory at that time. However, simply recording the loss, as Accountant A had done, in order to safeguard the "valuable enterprise resource," for CBU was sufficient, and an adjusting entry for all losses during the year, at the end of the year when inventory is reported as a current...
Inventory Management The Inventory System at Apple The paper looks at the inventory system utilized by Apple Inc. According to the 10-k Apple account for the inventory using a first in first out (FIFO) system. The stock is fast moving and the efficiency which results in the company only having approximately five days worth of stock on hand at any point in time is facilitated through the use of a perpetual inventory
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Myers-Briggs is a personality inventory system that is based on Carl Jung's theory of personality types. It has been well researched and is a popular model. Personalities are classified by different categories in which there are two poles by someone can be rated between a spectrum that lies between them. For example, someone can be introverted or extroverted or somewhere in between the two poles. This measure is based off
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Inventory The organization I want to study is Wal-Mart, the world's largest retailer. Wal-Mart is a retailer that sells a wide range of goods, including food, and does so in many countries around the world. They are the biggest retailer in the world, and one of the biggest companies. I chose Wal-Mart because its supply chain management is famous. They are a good case study for inventory management. The basic business model
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