2) Notes Receivable.
However, we merged both the categories into a single aggregate, due to the
constraints on the data available for this study. It is noteworthy that accounts
receivable and notes receivable have similar characteristics in financial theory.
They are treated differently in connection with financial controls and legal
considerations. Similarly, accounts payable and notes payable also have identical
financial characteristics.
a) The Objectives of Inventories' Holding:
The traditional analysis of inventory-holding decisions is based on the relation
between inventory and sales. Among the objectives of the inventory decision
examined in the subject literature, the following stand out:
1) Buffer stocks for unanticipated expansion in demand:
Textbooks on production management and operation research refer to this objective of inventory holding in discussing the techniques of 本文来自辣'文,论,文·网原文请找腾讯324.9114 cost-benefit trade off in terms of inventory-holding costs versus the cost of foregone sales and goodwill. To optimize this choice, part of the goods produced are held as inventory. This is known as a buffer stock.
2) Inventories for smooth production:
This objective is frequently discussed in the literature on cost accounting. Inventory can be held in order to provide for smoothness in the production process. The optimal stock for this objective is known as Economic Order Quantity (EOQ). The main problem of inventory control is balancing ordering costs (which decline in total as stocks increase) against carrying costs (which increase as stocks increase), in order to calculate the Economic Ordering Quantity (EOQ) which minimize total costs. Ordering costs include clerical costs, stationery, postages, telephone etc; carrying costs include insurance, rent and interest foregone. The Economic Order Quantity (EOQ) depends on the time required to receive the material after issuance of a purchase order. However, the opportunity cost of interest on investment in the inventories is also an important factor in the inventory holding decision.
3) Inventories as some desired ratio to sales:
This concept is exemplified by the accelerator principle in macroeconomics. An
increase in inventory leads the growth in demand. According to this principle the
inventory holding of the year will be determined by expected sales in the next
year.
4) The speculative factors in inventories:
Another strand of analysis has emphasized the speculative element in the
inventory decision. According to this, one of the major objectives of the inventory
policy is to capitalize an anticipated price changes. This factor is pertains mainly
to industries where product prices experience wide fluctuations. It also pertains to
cases of high input price volatility. Inventories of precious metals, coffee, cotton,
java校园客户端设计课程设计报告+源程序and tea are the best examples of this. If an industry utilizes imported raw materials, inventory holdings will also depend on speculative factors with respect to exchange rates. Similarly, the speculative factor also applies in the export oriented industries. A leading hypothesis in this connection concerns the importance of spot and forward exchange rates, transport costs, and the preponderance of domestic over foreign sales by affiliated companies. The importance of exchange rates suggests that the speculative role often attributed to inventories may have a significant international dimension (Stern: 1993)
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