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Question 16 1 Point Which of the following is not an example of safeguarding inventory? A storing inventory in restricted areas (B) using physical devices such as two-way mirrors, cameras, and alarms (C) matching receiving documents, purchase orders, and vendor's invoice D returning inventory that is defective or broken Question 17 1 Point Control of inventory should begin as soon as the inventory is ordered. Which of the following internal control steps is not done to meet this goal? A) check the invoice to the receiving report (B) check the invoice to the purchase order C check the invoice with the person who specifically purchased the item D check the invoice for mathematical accuracy

Ask by Harmon Fowler. in the United States
Feb 05,2025

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Returning inventory that is defective or broken is not an example of safeguarding inventory.

Solución

To determine which of the following is not an example of safeguarding inventory, let's analyze each option: A) Storing inventory in restricted areas: This is an example of safeguarding inventory as it limits access to the inventory and reduces the risk of theft or damage. B) Using physical devices such as two-way mirrors, cameras, and alarms: This is also an example of safeguarding inventory as it provides an additional layer of security and monitoring. C) Matching receiving documents, purchase orders, and vendor's invoice: This is an example of safeguarding inventory as it ensures that the inventory received matches the purchase order and vendor's invoice, reducing the risk of inventory discrepancies. D) Returning inventory that is defective or broken: This is not an example of safeguarding inventory. Returning inventory that is defective or broken is a process of inventory management, but it does not directly relate to safeguarding inventory. Therefore, the correct answer is D) returning inventory that is defective or broken.

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The Deep Dive

Did you know that the concept of inventory management has a rich history? In ancient Mesopotamia, around 3000 BCE, traders kept clay tablets to track goods and trade. This practice evolved over the centuries, with double-entry bookkeeping in the Renaissance being a game-changer for inventory control in businesses. It laid the foundation for modern accounting practices and inventory management strategies we use today! Inventory management isn’t just about storing goods; it’s a crucial part of many businesses to ensure efficiency, minimize losses, and improve cash flow. For instance, retailers often use a method called Just-In-Time (JIT) inventory, which allows them to receive goods only as they need them, thus reducing storage costs and waste. This makes supply chain operations much more dynamic in today’s fast-paced market!

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