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About this document
- Pages
- 4 pages
- Price
- $4 one-time, yours to keep
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- Format
- Subject
- Accounting, Business
- Module
- Week 4 · Week 4
This document discusses the risks to merchandising that a business may experience, and how they might be minimized. It also covers the impact of automation on accounting, and a corporate policy to minimize inventory shrinkage. It is for Week 4 of the ACC 557 course.
What's inside
- Risks to merchandising and how to minimize them
- Impact of automation on accounting
- Corporate policy to minimize inventory shrinkage
- Inventory shrinkage causes and prevention methods
- Employee involvement in decision making
- Examples of inventory shrinkage policies
Who it is for: Students taking the ACC 557 course. (Postgraduate)
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Summary
Businesses face risks in merchandising and inventory management. Students learn about these risks and how to reduce them.
Merchandising risks and solutions
Businesses face risks in merchandising from currency exchange rate fluctuations. Regularly updating product prices can help minimise these risks. Automation in accounting can help businesses manage these risks.
Inventory shrinkage and its causes
Inventory shrinkage is the loss of inventory between manufacturing and sale. It can happen due to theft, stocking errors, shipping errors and more. Businesses need policies to reduce this shrinkage.
Creating a corporate policy
A corporate policy can help reduce inventory shrinkage. It should include ways to prevent theft and errors. Employees should be involved in creating and enforcing this policy.
Key terms
- Merchandising risks
- Problems that businesses face when buying and selling goods.
- Currency exchange rate fluctuations
- Changes in the value of one currency against another.
- Inventory shrinkage
- Loss of inventory between manufacturing and sale.
- Corporate policy
- A set of rules that a business creates to guide its actions.
- Point of sale (POS)
- The place where a customer makes a payment for goods or services.
- Employee theft
- When employees steal from the business.
Questions this document helps with
- How do currency exchange rate fluctuations affect merchandising?
- What causes inventory shrinkage in a business?
- How can a corporate policy help reduce inventory shrinkage?
Summary written with AI from the document's text.
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