• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

monthly continuous (perpetual) inventory counts

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › monthly continuous (perpetual) inventory counts

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • July 3, 2021 at 1:48 pm #626906
    Jiya024
    Member
    • Topics: 168
    • Replies: 56
    • ☆☆☆

    Dear Professor,

    When an entity carries out “monthly continuous (perpetual) inventory counts” then does it check the cumulative inventory to the end of the month or it just checks the inventory for the month?

    Thanks much:)

    July 3, 2021 at 2:00 pm #626909
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6789
    • ☆☆☆☆☆

    Not sure what you are asking – inventory “for the month” doesn’t mean anything to me – you can talk about purchases for a month and sales for a month – but inventory is a balance at a point in time.

    A “full physical inventory” at a reporting date will count all inventory with test checks “from physical-to-book” (existence)” and “from book-to-physical” (completeness).

    If a client keeps perpetual records of inventory balances – imagine stock cards that show every goods movement in/out and a running total of the balance – it is not necessary to count all inventory at the reporting date as long as the records are shown to be accurate. To this end, there must be regular (e.g. monthly) counts throughout that year during which every product line must be counted at least once (e.g. on a rotational basis).

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA My Exam Performance for non-variant Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

FREE Verifiable CPD for ACCA Members

ACCA mock exams and debrief videos

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • shazleen on ACCA AB Chapter 10 – Management – Questions
  • John Moffat on Introduction to Financial Accounting – ACCA Financial Accounting (FA) lectures
  • John Moffat on Linear Programming – Maximum contribution – ACCA Performance Management (PM)
  • d.kabulova on Introduction to Financial Accounting – ACCA Financial Accounting (FA) lectures
  • alin.sivi on Linear Programming – Maximum contribution – ACCA Performance Management (PM)

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy