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BM2 2.03A Inventory

from BRIEFING

TermDefinition
Perpetual Inventory Control System Method of counting inventory that shows the quantity on hand at all times, tracking each good as it is received, placed in stock, and then sold.
Periodic Inventory Control System Method of measuring inventory involving taking a physical count of merchandise at regular periods, like weekly, monthly, or yearly, to determine the value of items.
Just-in-Time (JIT) Inventory Control System Method of managing inventory by keeping a minimal amount of raw materials on hand to meet production needs, aiming for increased efficiency and reduced waste.
Accrual Accounting System Records supplies as assets until used, not expenses.
Unit Cost Calculation Multiplying unit cost by units consumed for total expense.
Inventory Log Records total units of each item or category.
Inventory Expense Total cost of office supplies consumed in a period.
Journal Entry Explanation of fund removal in the ledger.
Receiving Merchandise Process Procedure for handling received items in a business.
Stock Preparation Marking items with selling prices before sales.
Facilities for Storage Areas designated for unpacking, pricing, and storage.
Receiving Records Information recorded about received goods.
Receiving Number Identifier assigned to each set of goods received.
Apron System Prevents duplicate invoice payments in businesses.
Checking Merchandise Verifying quantity and condition of received goods.
Blind Check Receiver writes details before comparing to invoice.
Direct Check Verifying merchandise directly against invoice.
Spot Check Random check of one carton in a shipment.
Quality Check Inspecting workmanship and characteristics of goods.
Created by: user-1872252
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