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.
When the perpetual inventory system is used, there is a continuous or perpetual record of inventory recorded in the inventory account. When a company purchases product, it is immediately recorded as inventory. When the products are sold, the inventory balance is immediately reduced (credited) and recorded in cost of goods sold.