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.
(1) Note that the only General Ledger Inventory related account that had any transactions posted during the year was the Purchases Account. The Merchandise Inventory Account has the beginning balance and no other transactions posted and the Cost Of Goods Sold Account likewise has no transactions posted. (2) Without ending inventory balances and cost of goods sold balances during the year, we are unable to prepare monthly (interim) financial statements without performing a physical count and making adjusting entries.