MANYENT PLC

ManyEnt plc



ManyEnt plc

Introduction

The process of stock purchases is crucial for the investing company as it is essential for the company like ManyEnt plc to have complete information about the Kwikeeshop Ltd. The management of the ManyEnt plc knows that there have been some problems at Kwikeeshop Ltd in relation to ineffective management, fraud and inefficient accounting information system. Therefore, while purchasing stock of the Kwikeeshop Ltd, it is important that ManyEnt plc should have appropriate knowledge about the internal controls Kwikeeshop Ltd.

Discussion

Internal Controls of the Stock Purchasing System

For internal controls of the stock purchasing system of Kwikeeshop Ltd, the system entails several procedures like management and organization of stock data. These data are regarded in terms of their number, location, and status of supplies upon buying, stored, and selling. Stock purchasing system is extremely significant in business since it determines the quantity and the availability of required supplies at hand which are important in facilitating distribution and management of goods. In an additional term, for internal controls of the stock purchasing system, it is also termed as inventory control because it entails the supervision of the supply, storage and accessibility ensuring adequacy of supply and at the same time, avoiding excessive oversupply.

For internal controls, stock Inventory is also known as the inventory checking which is a complicated process that demands a much detailed effort since monitoring the stocks is really a crucial activity that needs to be observe all over the year. Stock management or inventory control of Kwikeeshop Ltd has two main types of system in accordance to the manner of filing utilized. These are manual stock purchasing system and computerized stock purchasing system.

The manual kind system of Kwikeeshop Ltd makes use of the stock book, reorder system, along with a set of stock cards in inventory ...