Independent reconciliation of the periodic inventory counts and the inventory ledger and the general ledger will help to assure that inventory is being properly accounted for.

Question

Quizplus · Accepted Answer

Independent reconciliation of the periodic inventory counts and the inventory ledger and the general ledger can help to identify any discrepancies and ensure that the inventory is properly accounted for. This can help to improve the accuracy and reliability of the financial statements, as inventory is often a significant asset for many businesses.

Independent Reconciliation of the Periodic Inventory Counts and the Inventory