Explore BrainMass

Explore BrainMass

    Observing Physical Inventory, Explain a fraud scheme

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Describe some considerations for observing physical inventory. Explain a fraud scheme that may be used for inventory.

    © BrainMass Inc. brainmass.com October 10, 2019, 7:01 am ad1c9bdddf

    Solution Preview

    When you are counting, you want to be sure you are not double counting, that everything you see belongs to the firm (no consignments), and that items in transit are included or excluded properly. You are also concerned with costing of the ...

    Solution Summary

    Your discussion is brief (202 words) and gives three examples of inventory fraud schemes and explains the key factors in physical counts.