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Sphinxa [80]
3 years ago
9

Independent internal verification of the physical inventory process occurs when: all prenumbered inventory tags are accounted fo

r. the employee is required to count all items twice for sake of verification. a second employee counts the inventory and compares the result to the count made by the first employee. the items counted are compared to the inventory account balance.
Business
1 answer:
marin [14]3 years ago
4 0

Answer:

a second employee counts the inventory and compares the result to the count made by the first employee.

Explanation:

Physical inventory in itself involves counting the actual goods to make sure employees are complying to internal inventory controls. The hint to answering this question is in "independent...verification" which is basically verification done by separate or independent employees; one is responsible for the information and the other one verifies if it is accurate.

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Suppose a company signs a three-year lease agreement. The lease payments have a present value of $40,000. Prior to signing the l
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