Match the Following Terms with the Best Definitions for Questions

question 62

Multiple Choice

Match the following terms with the best definitions for questions 212 through 219.
-Typically sent along with a remittance advice.

• A)Purchase requisition.
• B)Receiving Report.
• C)Vendor Invoice.
• D)Check.
• E)Control procedures.
• F)Inventory count.
• G)Segregation of duties.
• H)Source document control.

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Definitions:

Physical Counts Of Inventory

The manual counting of all merchandise or stock in a business at a particular time to verify accuracy against recorded inventory levels.

Perpetual System

An inventory accounting system that records purchases and sales of goods instantly through computer systems, without periodically physically counting inventory.

Inventory Adjustment

Modifications made to inventory records to reflect actual inventory levels, often after a physical count.

Inventory Turnover Ratio

A measure of how frequently a company sells and replaces its stock of goods within a certain period, indicating the efficiency of inventory management.