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Dec2015 examiner report
extract:
“many candidates misunderstood the implication of the inventory being counted before the year-end and thought the problem was the lack of staff for the count as opposed to the roll forward adjustments
which would be necessary.”what is roll forward adjustment?
Let’s say the year end is 31 December and inventory is counted on 27 Dec:
Product A – 100 units
Product B – 50 units
Product C – 130 units
etcManagement would then need to roll-forward each of the these quantities to arrive at the year-end quantities – i.e. adding any quantities received and deducting any quantities sold. The adjustments are therefore for goods received and sold.
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