the british isles (england ,scotland ,wales and northern ireland) were governed by the british government only. they devolved power to each individual country-scottish, welsh and irish assemblies which gave each certain but not total powers of government for each. hence devolution.
In business accounting, merchandising inventory refers to merchandise procured by a merchant for resell. Merchandising companies sell products such as clothing, auto parts and other tangible products. Merchandising inventory is different from manufacturing inventory, because the later constitutes products made directly by the manufacturer.
Periodic Inventory System. In a periodic inventory system, the revenues from sales are recorded when sales are. made in the same manner as in a perpetual inventory system. However, no attempt. is made on the date of sale to record the cost of the merchandise sold. Instead, the. merchandise inventory on hand at the end of the period is counted.