ACC 291 Week 4 Practice: Week 4 Discussion Question 1

1

Inventory Process.

Hello class,

Does anyone work in a merchandising organization?  If you can, explain how your company keeps track of the inventory.  How often is a physical inventory taken?  Does the company do this internally or hire an inventory service to take the physical count? What else can you share about the inventory process?

2

Accrued and prepaid expenses.

Hello class,

What is an accrued expense? Give three examples of items that often become accrued expenses. What is a prepaid expense? Give three examples of prepaid expense items. Explain the difference between accrued expenses and prepaid expenses.