Describe Several Functions That May Be Performed Using a RAM

question 10

Essay

Describe several functions that may be performed using a RAM (responsibility assignment matrix).

---

Definitions:

Ending Inventory Balance

The value or quantity of goods available for sale or use at the end of an accounting period, after accounting for purchases and sales during the period.

Income Statement

An income statement is a financial statement that shows a company's revenues and expenses over a specific period, resulting in a net income or loss.

Error

An unintentional misstatement or omission in financial statements or accounting records, typically requiring correction once discovered.

Perpetual Inventory System

The perpetual inventory system is a method of accounting for inventory that records sales and purchases instantly through computer systems, maintaining continuous balance updates.