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Explicit job descriptions,lots of rules,and clearly defined procedures concerning work processes are consistent with:
Ending Inventory
The sum value of inventory available for purchase at the end of an economic period.
Beginning Inventory
The value of all the goods available for sale at the start of an accounting period; essentially the remaining inventory from the previous period.
Internal Controls
Procedures and mechanisms implemented by a company to ensure integrity in financial reporting, compliance with laws and regulations, and effective and efficient operations.
Physical Count
The process of manually counting actual inventory or assets in person, often for verification purposes against accounting records.
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