physical inventory
a detailed listing of merchandise on hand.
subsidiary inventory ledger(s)
the subsidiary ledger containing individual accounts for items of inventory.
fob (free on board) shipping point
freight terms in which the buyer pays the transportation costs from the shipping point to the final destination.
fob (free on board) destination
freight terms in which the seller pays the transportation costs from the shipping point to the final destination.
consigned inventory
merchandise that is shipped by manufacturers to retailers who act as the manufacturer's selling agent.
elements of internal control(s)
the control environment, risk assessment, control activities, information and communication, and monitoring.
employee fraud
the intentional act of deceiving an employer for personal gain.
cash short and over account(s)
an account which has recorded errors in cash sales or errors in making change causing the amount of actual cash on hand to differ from the beginning amount of cash plus the cash sales for the day.
petty cash fund(s)
a special cash fund to pay relatively small amounts.
