Physical counts of inventory

Assignment Help Accounting Basics
Reference no: EM1357835

Periodically reconciling the physical counts of inventory to total counts reflected in accounting records by using someone who does not handle inventory or record purchases is considered to be:

- Segregation of duties

- Physical safeguards

- Independent checks

- None of the above

Reference no: EM1357835

Questions Cloud

Working with straight line depreciation : Leah, Inc. has machinery with a cost of $100,000. The machinery has an estimated useful life of 10 years, and an estimated salvage value of $10,000. The machinery is expected to be able to produce a total of 1,000,000 units during its estimated li..
What is the total annual shipping cost : Which alternative would you recommend, and why and what is the total annual shipping cost
Illustrate about the maximum amount that the money supply : Suppose that excess reserves in the Stranda National Bank are $15,000 and the reserve requirement is 4 percent. Illustrate about the maximum amount that the money supply can be increased is.
Explain companies can gain market share : Explain companies can gain market share by offering low-quality products at a high price and total value equals total cost minus variable costs leading to price escalation
Physical counts of inventory : Periodically reconciling the physical counts of inventory to total counts reflected in accounting records by using someone who does not handle inventory or record purchases is considered to be:
Unethical operating leverage : purchase of machinery in order to increase the organization's operating leverage is unethical and should be avoided. What do you think?
Suicide risk for adolescent homosexuals : Discuss the potential suicide risk for adolescent homosexuals.
Mathematics in computing : MCIS 502 Mathematics in computing, Using members of the set {1, 3, 4, 5, 7, 8}, the next larger P(6,3) permutation after 342  is  343
Access and its limitations in distributed business model : describe the difference of the two terms and how they work together. Your post should include the following details: A description of Access and its limitations in a distributed business model.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Accounting questions and transactions

At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required and (2) provide an example of the closing of an expense account, Rent Expense in the form of a journal entry.

  Determine the eliminating entries

Determine the eliminating entries necessary for the 20X9 consolidated financial statements. Provide correct eliminating entries necessary for the 20X9 consolidated financial statements.

  Journal entries and schedule

During the past year, a company completed the following transactions related to the acquisition of property and the construction thereon of a new factory:

  Making journal entries for investments

Prepare journal entries for investments using the fair value and the equity method. How does it relate to the practice of accounting and its uses in business?

  Finding total cost by cumulative average-time method

What is the total cost of building 8 picture frames by a new employee using the cumulative average-time method?

  Journal entries of raptor corporation

On July 1, 2002, Raptor Corporation, a wholesaler of used robotic equipment, issued $7,500,000 of ten-year, 10% bonds at an effective interest rate of 12%, Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year o..

  Marginal tax rate and effective tax rate

Calculate the marginal tax rate and the effective tax rate for each of the C corporations. Explain why the marginal tax rate for a C corporation can exceed 35%, but the effective tax rate cannot.

  Flexible budget planning performance eval

Prepare a realistic flexible budget for next year for the McDonald's Corporation using economic and company trends. Use three different growth rates (low, average and high) for sales and adjust the expenses based on whether you assume that they v..

  Inventory purchases budget

Prepare an inventory purchase budget using the sales manager's estimate. Prepare an inventory purchases budget using the marketing consultants estimate.

  Consolidation-journal entries

On January 1, 2007, the stockholders of Phillips and Solina agreed to a consolidation. Because FASB requires that one party be recognized as the acquirer and the other as the acquirer-Prepare the journal entries on the books of Phillips to record t..

  Evaluate earnings per share

Evaluate earnings per share

  Tax effect-four batches of new stock

Brian purchased 500 shares of the substantially identical stock for $3,000. What is the tax effect fir Brian as well as what will be the basis of each of four batches of new stock?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd