Asked by Christina Silverio on Jun 30, 2024
Verified
One application of internal control when taking a physical count of inventory is the use of pre-numbered inventory tickets.
Internal Control
Processes and procedures implemented by a company to safeguard its assets, enhance the reliability of its accounting records, promote efficient operations, and ensure compliance with laws and regulations.
Physical Count
A physical count involves manually counting the actual inventory to verify accuracy against inventory records, often used for audit purposes or to correct discrepancies.
- Acknowledge the rules and applications of internal controls in inventory management.
Verified Answer
Learning Objectives
- Acknowledge the rules and applications of internal controls in inventory management.
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