which document establishes an initial record of the receipt of the inventory?
Chapter 7--Inventories Student: ___________________________________________________________________________ 1. One of the two internal control procedures over inventory is to properly report inventory on the financial statements. True False 2. A purchase order establishes an initial record of the receipt of the inventory. True False 3. A perpetual inventory system is an effective means of control over inventory. True False 4. A subsidiary inventory ledger can be an aid in maintaining inventory levels at their proper levels.