American Machine and Tool Record Volume 22

American Machine and Tool Record Volume 22

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: ...be taken. The comments of an audit report and the inventory certification blank required in connection with income tax returns positively certifies the inventory and explicitly states the conditions under which the same has been taken and proved correct. When speaking of physical inventories we could of course interpret this to include all items of invested values of properties, but under present day methods such items of permanent investment as machinery, equipment, tools, fixtures, etc., are covered, but by scientifically making allowance for that portion lost through depreciation and obsolescence a physical check is not often required except in cases of revaluation or special appraisals. Therefore, consideration will be given only to that part usually known as the "merchandise inventory." This consists of all raw materials and parts that are used in the manufacture of the product, and such miscellaneous items of operating supplies as are carried under general stores.. There are several distinct points that should be considered in connection with taking an inventory. These are as follows and are taken up consecutively: " (a) Advance planning and preparation, (b) Physical count, check and summary, and (c) Valuation. Under advance planning and preparation many irregularities that otherwise develop at the eleventh hour can be anticipated and disposed of prior to the time of physical count and check. It it is desired to take the inventory with a view ot minimizing the closing of the plant, each person entrusted with any part of the work must be properly instructed previous to the closing period. It has been found very unsatisfactory to place the responsibility for planning and supervising the work upon one person, and in...show more

Product details

  • Paperback | 156 pages
  • 189 x 246 x 8mm | 290g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 123690785X
  • 9781236907851