Significance of the Study

This study will be beneficial to the following:

Owners/Managers. This study will help business proprietors and owners to become

aware about the effect of internal control on its inventory and performance so that they can plan

on a better strategy of whether to maintain or improve their internal control measures.

Businesses Sector. This study will help the businesses in Tacurong City to know the

effect of internal control for inventory on the performance of hardware business of their

neighboring businesses which can provide them information regarding the proper practice of

internal control.

Hardwatr to Consumers. This study can impart knowledge to the consumers about the

current effect of internal control for inventory on the performance of hardware business. It will

also provide them with ideas based on their own perspectives and preferences.

Aspiring Business Owners. They can use this research to develop their future internal

control measures on inventory and this will promote a good and healthy environment for the

owner and the employees.

Researchers. They will be able to determine the internal control for inventory of

hardware businesses in their own city and will deal with firsthand information for which they can

apply the knowledge that they have learned from their auditing subjects.

Future Researchers. This study will serve as their basis when they plan to conduct a

study that is related or relevant to the researchers’ study. It will also be an inspiration to further

strengthen and improve this study for better outcome.

Efficiency is defined as the abilityto do something or produce something withoutwasting materials, time,
or energy: the quality ordegree of being efficient (technical), but also as thepower to produce the
desired result. Efficiency (Avlya Jacob,2018) is about getting the most out of your resources. It means
your business is able to produce more with less money and less waste. It also means you can operate
day-to-day without making costly errors. In today's post, we'll dig into why business efficiency really
matters and why it's something that you should focus on.

Importance of Efficiency

Efficiency (Billie Nordmeyer MBA, MA,2019) is an important measure of a company's performance.

Unlike productivity, which a company achieves by maximizing the number of units produced in a given
time frame, efficiency requires the minimization of costs and the maximization profits for a given level of
output. Efficiency, therefore, enables a business to make the best possible use of the company's
resources. For example, an efficient company will produce a greater number of quality products, with
less waste, using less energy and other resources during a given period than an inefficient company.

References correcrion:

N, B. (2019, January 25). How to Measure Production Efficiency. Small Business - Chron.Com.

https://smallbusiness.chron.com/measure-production-efficiency-67787.html

Jacob, A. (2021). Why Businesses Should Focus on Being Efficient.

Https://Www.Google.Com/Amp/s/Www.Ordermentum.Com/Blog/Why-Businesses-Should-

packetlabs. (2020, September 18). What are the different types of internal controls?

https://www.packetlabs.net/types-of-internal-controls/
Principles of Accounting I, Lumen Learning. (2018). Internal Control Issues and Procedures for Inventory
| Financial Accounting. Courses.Lumenlearning.Com.

https://courses.lumenlearning.com/finaccounting/chapter/internal-control-issues-and-procedures-for-
inventory/

Snook, A. (2019, November 21). COSO Framework: What it is and How to Use it. I-Sight.

https://i-sight.com/resources/coso-framework-what-it-is-and-how-to-use-it/#:%7E:text=The%20COSO
%20framework%20divides%20internal,efficiency%20of%20your%20business%20operations.

T., A. (2021). Understanding Key Performance Indicators (KPIs). Investopedia.

https://www.investopedia.com/terms/k/kpi.asp