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Can you name five control objectives relating to inventory?

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Question added by Frank Mwansa , ACCOUNTING LECTURER , FREELANCER
Date Posted: 2016/12/11
Soliman Abd  ALmalak Gendy
by Soliman Abd ALmalak Gendy , مدير ادارة مراقبة حسابات , الجهاز المركزى للمحاسبات

:Control objectives *To provide a scientific basis *To minimize risk of loss due to obsolescence,deterioration *To tiding over the demand flucurable safety stocks * To maintain necessary records for protecting aginst theftd,wastes

Nazmul Islam CMA
by Nazmul Islam CMA , Manager , Robi Axiatal Ltd.

Five control objectives are;

  1. To have accurate inventory stock.
  2. To calculate CGS accurately.
  3. To deter misappropriation.
  4. To have control over inventory management.
  5.  To reduce inventory management cost.

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