The company was enormously successful in establishing colonies in Asia and that, combined with the tulip mania which was a bizarre speculative bubble in Northern Europe fueled by a runaway tulip bulb market, led the East India Company to become the most valuable company in the world with a total worth of 78 million Dutch Guilders.
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.
Proof of purchase will usually be satisfied by: 1  a tax invoice; 2  a cash register receipt so long as it identifies the goods or services purchased; 3  a credit card or debit card statement; 4  a handwritten receipt; 5  a lay-by agreement; 6  a confirmation or receipt number provided for a telephone or internet transaction.