Inventories_cycle - Inventories Recording All INV movements...

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Inventories Recording Inventories Protecting Accounting Valuating inventories • All INV movements are • INV records only include items belong to the client • INV records include inventory that exists & is held by the client • Inventory Q have been recorded correctly • Cut-off procedures are properly applied • The costing system values inventory correctly • Allowance is made for slow-moving, obsolete or damaged inventory Inventory is safeguarded against loss, pilferage or damage Recording of inventory Segregation of duties; custody and recording of inventories • Reception, checking and recording of goods inwards • Inventory issues supported by appropriate documentation Maintenance of inventory records – Inventory ledgers –B incards – Transfer records Control of inventory levels – Maximum inventory limits – Minimum inventory limits – Re-order quantities and levels Arrangements for dealing with returnable containers
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This note was uploaded on 06/14/2010 for the course ACCOUNTING 123456 taught by Professor Vananh during the Spring '10 term at Vaasan ammattikorkeakoulu.

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