ADMN 4301H Chapter Notes - Chapter 11: Perpetual Inventory, Child Custody, Weighted Arithmetic Mean

• School: Trent University
• Department: Business Administration
• Course: ADMN 4301H
• Professor: Sharla Trudell

Document Summary

Audit objectives: inventory: overall, the audit objectives in respect of inventories is to ensure they actually exist, are owned, and are properly valued. For goods received, the initialled receiving report indicates acknowledgement of the receipt of goods, their quantity, and related cost. Initialled copies of these tickets provide the basis for the related accounting entries. Instructions related to specific count procedures need to be drawn up and explained to each person involved. Inventory area(s) need to be subdivided and assigned to specific teams: preparing. Items not to be counted should be clearly marked: arrangements should be made to cease production if possible and shipping and receiving should avoid moving goods during this time, preparing. Items not to be counted should be clearly marked: arrangements should be made to cease production if possible and shipping and receiving should avoid moving goods during this time. Inventory to be counted must be properly identified: recommend tagging goods in advance, counting.