BOLIVARIAN REPUBLIC OF VENEZUELA

MINISTRY OF POPULAR POWER FOR UNIVERSITARY EDUCATION,

SCIENCE AND TECHNOLOGY
DR. JOSÉ GREGORIO HERNÁNDEZ UNIVERSITY
FACULTY OF ECONOMIC AND SOCIAL SCIENCES
SCHOOL OF PUBLIC ACCOUNTING

PROCEDURES FOR THE REGISTRATION OF INVENTORIES IN

THE COMPANY EL COMERCIAL LOMAS DEL VALLE I C.A

Special Degree Work as a requirement to qualify for the

Bachelor's Degree in Public Accountancy

AUTHOR:
Diego Hernandez
C.I: 27.360.465

TUTOR:
Professor: Iván Nava
C.I:7.615.253

MARACAIBO, JANUARY 2021

 BOLIVARIAN REPUBLIC OF VENEZUELA

MINISTERIO DEL PODER POPULAR PARA LA EDUCACIÓN SUPERIOR

DR. JOSÉ GREGORIO HERNÁNDEZ UNIVERSITY

AUTORIZACIÓN DE ENTREVISTA

I, Prof. IVAN NAVA, holder of Identity Card No. 7.615.253

character of academic tutor of the Degree Work titled: PROCEDURES
FOR THE INVENTORY REGISTRATION IN THE COMPANY EL COMERCIAL
LOMAS DEL VALLE I C.A, made by the graduate: Hernandez Cabarcas
Diego Saint, holder of identity card No. 27,360,465, to opt for the
Bachelor in Public Accounting, graduating from the Dr. University
José Gregorio Hernández considered that this work meets the requirements
required by the Research and Development Department, giving its
APPROVAL for its presentation in the time frame established by the Committee
Degree Project Technician of the Faculty of: Economic Sciences and
Social

Maracaibo on the ___ days of the month of 2021

Sincerely

________________________

Prof. Iván Nava

ii
 C.I: 7.615.253

FACULTY OF ECONOMIC AND SOCIAL SCIENCES

SCHOOL OF PUBLIC ACCOUNTING

MINUTES OF APPROVAL OF SPECIAL GRADUATION WORK

The undersigned: PROF. IVAN NAVA and PROF. MELVIN VILLALOBOS

appointed by the Special Degree Work Technical Committee of the School
as Evaluating Committee to understand the Special Graduation Work in the
modalidad:TRABAJO DE CAMPO; titulado:

PROCEDURES FOR THE REGISTRATION OF INVENTORIES IN THE COMPANY EL

Lomas del Valle I C.A. Commercial

Presented by Br. DIEGO SAINTH HERNANDEZ CABARCAS, holder of the ID

Identity No.: 27.360.465 who opts for the title of: LICENSEE IN ACCOUNTING
PUBLIC; they state that, once the evaluation interview has been conducted
corresponding, it was deliberated and decided to APPROVE it with the rating of
_______________________ (______), category: _________________________ of
according to article 55 of the respective regulation.

In Maracaibo, on the ________ (__) days of the month of ______________ in 2021.

____________________________________ __________________________________

PROF. IVAN NAVA PROF. MELVIN VILLALOBOS

Identity Card No.: 7,615,253 Identity Card No.: 9,734,601

Academic Tutor EVALUATION JUROR

___________________________________
PROF. MARIEUGENIA FERNÁNDEZ
Identity Card No.: 9,928,145

iii
 DIRECTOR OF THE SCHOOL OF PUBLIC ACCOUNTING

_______________________
PROF. YAMEL CHOURIO
Identity Card No.: 9,750,972
DEAN OF THE FACULTY OF ECONOMIC AND SOCIAL SCIENCES

DEDICATION

To God. For allowing me to reach this point and for giving me health.

to achieve my goals, besides your infinite kindness and love.

To my parents. For supporting me at all times, for your advice,

its values and for having shaped me into the person I am today

To my partner. For their love, dedication, and unconditional support in everything.

difficult moments.

To my family. For the examples of perseverance and consistency that it

they characterize and have always instilled in me, for the courage shown to emerge

forward and for his love.

Thank you very much.

DIEGO HERNANDEZ

iv
 THANK YOU

I thank God for giving me intelligence, wisdom, patience,

understanding and the ability to develop this research.

To my parents for all their support, understanding, and trust.

To my partner, for being my main support in achieving my personal goals and

professionals.

To Prof. Ivan Nava for his constant help and guidance in the research.

To the company Comercial Lomas del Valle I C.A for opening their doors to me and

allow me to develop this research there.

Thank you.

Diego Hernandez

v
MR. HERNANDEZ CABARCAS "PROCEDURES FOR REGISTRATION OF

INVENTORIES IN THE COMPANY EL COMERCIAL LOMAS DEL VALLE I C.A

UNIVERSITY 'DR. JOSÉ GREGORIO HERNÁNDEZ'. FACULTY OF SCIENCES
ECONOMIC AND SOCIAL. SCHOOL OF PUBLIC ACCOUNTING. MARACAIBO,
ZULIA STATE. JANUARY 2021.

SUMMARY

The work aims to design procedures for registration of

inventory, The methodology used was supported by Cerda (2016), Arias
(2012), Noriega (2012) Chirinos et al (2016), classified as research
from the field because it is based on information obtained at the location where
the study is developed, the knowledge acquired is thanks to the
direct interaction with the study environment and data collection. With a
non-experimental design. Six (6) subjects were taken as the population

six
belonging to the company El Comercial Lomas del Valle I C.A. The sample
is made up of 6 employees of the company, the collection technique of
The data used was a questionnaire with sixteen (16) questions with answers.
closed. It was obtained as a result according to the instrument that the company

it presented different difficulties such as the absence of procedures

suitable for inventory recording and the lack of a system that allows
carry out the inventory with the smallest margin of error.

Palabras Claves:Inventario, procedimientos, optimización.

GENERAL INDEX

INTERVIEW AUTHORIZATION

MINUTES OF APPROVAL OF THE SPECIAL GRADUATION WORK-------–iii

DEDICATION

THANK YOU

SUMMARY

INDEX --------------------------------------------------------------------------------------------vii

TABLE OF CONTENTS--------------------------------------------------------------------------ix

INDEX OF GRAPHS-----------------------------------------------------------------------x

INTRODUCTION

CHAPTER I

1. Statement of the problem ---------------------------------------------------------------4

2. Objectives ---------------------------------------------------------------------------------------6

2.1 General Objective ----------------------------------------------------------------------------6

seven
2.2 Specific Objectives ----------------------------------------------------------------------6

3. Justificación de la investigación --------------------------------------------------------- 6

3.1 Theoretical Justification

3.2 Justificación Practica------------------------------------------------------------------ ----

7

3.3 Methodological Justification ---------------------------------------------------------------7

3.4 Social Justification ------------------------------------------------------------------------ 7

4. Delimitation of the study --------------------------------------------------------------------8

CHAPTER II

Research Background ----------------------------------------------------------10

Theoretical Bases

CHAPTER III

Methodological Framework ---------------------------------------------------------------------------25

Research methodology ------------------------------------------------------------26

Type of research -------------------------------------------------------------------------26

Research Design -------------------------------------------------------------------26

Population
-----------------------------------------------------------------------------------------27

Sample

Data collection instrument -----------------------------------------------------28

CHAPTER IV

Analysis of the results --------------------------------------------------------------------32

CHAPTER V
------------------------------------------------------------------------------------46

eight
Proposal ----------------------------------------------------------------------------------------47

CONCLUSIONES
------------------------------------------------------------------------------66

RECOMMENDATIONS
-----------------------------------------------------------------------67

BIBLIOGRAPHIC REFERENCES
------------------------------------------------------68

ANNEXES -----------------------------------------------------------------------------------------70

TABLE INDEX

TABLE N° 1 Population table --------------------------------------------------------27

TABLE N° 2 Questionnaire

nine
 INDEX OF GRAPHS

GRAPH No. 1
Do you think that the company's inventory records can be
improve?
GRAPHIC No. 2
Is there supervision in the inventory area by the person in charge?
35
GRAPH NUMBER 3 Do you consider that the inventory situation affects
the profitability of the company?
36
GRAPHIC No. 4 Do you know the international standard IFRS for SMEs?
--------------------------------------------------------------------------------------------------36
GRAPHIC No. 5 Does the company use any system to carry out the registration
of inventories?

x
-------------------------------------------------------------------------------------------------- 37
GRAPHIC No. 6 Do you think that the IFRS standards are applicable in this
company?
38
GRAPHIC No. 7. Do you know section 13 IFRS for SMEs?
---------------------------------------------------------------------------------------------------39
GRAPH NUMBER 8 Do you believe that section 13 of the IFRS standards for
Are SMEs important for the company?
---------------------------------------------------------------------------------------------------39
GRAPH N° 9 Is a format used to maintain control over the
incoming and outgoing goods?
---------------------------------------------------------------------------------------------------40
GRAPHIC No. 10 Is there willingness on the part of the members of the
Company to accept relevant inventory record guidelines?
---------------------------------------------------------------------------------------------------41
GRAPH NUMBER 11 When returns of merchandise occur,
Is there a protocol for the review?
---------------------------------------------------------------------------------------------------42
GRAPH NUMBER 12 Does the company use any system to perform the registration
of inventories?
42
GRAPHIC No. 13 Does the company formally have norms and procedures?
for the management and control of inventories?
---------------------------------------------------------------------------------------------------43
GRAPH N° 14 Is a daily planning model carried out for the
operations carried out in the area?
---------------------------------------------------------------------------------------------------44
GRAPHIC No. 15 Is the purchasing area located in a department?
different from that of the other activities carried out in the company?
45
GRAPHIC No. 16 Is there trained personnel in the warehouse to perform a
inventory?
---------------------------------------------------------------------------------------------------45

xi
 INTRODUCTION

In the initial stage of an investigation, the exploration of

field in which one intends to work, therefore, it is necessary to investigate and synthesize

all the background of the problem that helps to formalize the idea of
research; its purposes, scope, objectives, hypotheses, and methodology.

Inventory control is a fundamental tool in the

modern administration, as it allows companies and
organizations to know the existing quantities of products
available for sale, in a specific place and time, as well as
the storage conditions applicable in industries.

The purpose of this research is to design

effective procedures for the inventory registration of the company El
Commercial Lomas del Valle I C.A, which will allow for the improvement of it.

accounting process. In the purchasing department in the area of

inventory encountered different difficulties such as the absence of
proper procedures for inventory registration and the lack of a
system that allows for inventory to be done with the least margin of error.

Initially, the investigative background that served will be found.

as a conceptual input to solve the research problem, what
it allowed a formulation and systematization of the research problem
highlighting the need to design effective procedures for registration
of inventories.

It is of vital importance to adopt good practices for the control of the

inventories in El Comercial Lomas del Valle I C.A, and make use of
procedures that facilitate and optimize the process in inventory management
from order review, selection and evaluation of suppliers, purchase of
products, storage and custody of inventories, dispatch of the
inventories and counting of them.

For the purposes of the study, the research was presented, structured in
five chapters, which are detailed below:

1
 Chapter I began with the formulation of the problem which allowed
understand the situation presented in the organization, formulate the objectives
that guided the development of this research along with the justification and
delimitation.

Chapter II included the theoretical framework made up of the background.

of the subject matter under study in addition to the theoretical bases that supported and

allowed the development of the research.

In Chapter III, the methodological framework was presented that included the
methodology used, the type of research, the design of it, also
from the sample population used to carry out the techniques and instruments
of information gathering.

In Chapter IV, the analysis of the results derived from

the application of the data collection instrument based on the foundation
theoretical framework of the various authors in which the research was consolidated.

In Chapter V, the proposal to design procedures is presented.

effectives for the inventory registration of the company El Comercial Lomas of
Valley I C.A

Finally, the conclusions and recommendations are presented.

bibliographic references aimed at generating a significant impact on
relation to the objects of study within the company.

2
 CHAPTER I

STATEMENT OF THE PROBLEM

3
 CHAPTER I

1. THE PROBLEM

In the global business economic context, there currently exist

some distinguishing factors such as the pressure exerted by competitiveness.
nivel mundial existen empresas con un factor negativo lo cual dificulta mantener
an inventory that can meet all requirements for which it is not
Can you replenish the inventory shortages as quickly as they run out?
which generates costs due to shortages and at other times there are products that are
they deteriorate due to excess.

On his part (Acevedo, 2018) indicates that various aspects of the

responsibility for inventories affects many departments and each
one of these exerts a certain degree of control over the products, as
they move through the different inventory processes. All
these controls that encompass, from the procedure to develop
budgets and sales and production forecasts until the operation of a
cost system for the accounting department for the determination of
inventory costs, constitutes the internal control system of the
inventories, the general functions are: planning, purchasing or acquiring,
reception, storage, production, shipments, and accounting.

At the national level, specifically in Venezuela, there are companies with a

deficient in the area of inventories these vary according to size, sector to which
they are dedicated, among others. However, most have encountered problems in
inventory control, generating long-term economic losses,
products in poor condition, mishandling of them which generates a
decrease in profits.

Similarly, Espinoza (2011) states that inventory control

it is a fundamental tool in modern management, as it
allows companies and organizations to know the existing quantities of

4
products available for sale, at a specific place and time, thus
like the storage conditions applicable in industries.

Among other things, the company El Comercial Lomas del Valle I is

a company that sells various products both food and hygiene
o uso diario, enfocada en cumplir las necesidades de los clientes ofreciendo
quality in all products; and at the same time with the vision of consolidating itself

greater scale in the city, highlighting organization and reliability. In the

In recent months, it has faced different difficulties such as the absence of
appropriate procedures for inventory recording and the lack of a system
that allows for inventory to be conducted with the smallest margin of error, such as

As a consequence, there is no adequate control of the received goods.

in the commercial, what causes the closing at the end of the month to exist
expired or uninventory products, which causes a decrease
significant of their income.

5
2. RESEARCH OBJECTIVES

2.1 GENERAL OBJECTIVE

Design procedures for inventory registration in the company El

Lomas del Valle I C.A. Commercial

2.2 SPECIFIC OBJECTIVES

Diagnose the procedures for inventory registration in the company El

Lomas del Valle I C.A. Commercial
Identify the Procedures for inventory registration in the company El
Lomas del Valle I Commercial.
Describe the inventory method in the company El Comercial Lomas del Valle I
C.A.
Propose procedures for inventory registration in the company El
Lomas del Valle I C.A. Commercial

3. JUSTIFICATION OF THE RESEARCH

According to Hernández, Fernández, and Baptista (2010), the justification of a

The research aims to establish why it is convenient due to

various reasons; maybe it helps to solve a social problem, to build a
new theory or to generate research questions.

This research will focus on studying the

accounting procedures for the inventory recording
the company El Comercial Lomas del Valle I C.A is justified in
establish an accounting model that allows for the control of the records
of the inventory of said organization, it will have a justification.
from the theoretical, practical, methodological, and social point of view that to your

6
 it will gradually encompass the course of the research to reach the
final conclusions.

3.1 THEORETICAL JUSTIFICATION

This research is relevant from a theoretical standpoint.
according to Ortega, Padilla, Torrez, and Ruz (2017) The inventory has
as a fundamental purpose to provide the company with necessary materials,
for its continuous and regular development, that is to say, the inventory has a
vital role for the aligned and coherent functioning within the process of
production and in this way meet the demand, consequently the objective
the primary goal of inventory control is to determine the most economical level of
inventories in terms of materials, work in progress, and products
finished.

3.2 PRACTICAL JUSTIFICATION

Hurtado (2012) The practical justification indicates the applicability of the

research, its projection onto society, who benefits from it, already
be a social group or an organization. Other authors argue that a
research has practical justification when its development helps to solve a
problem or at least propose strategies that, if applied, would contribute to
solve it.

This research is conducted because there is a need to apply

procedures for inventory registration in order to apply a
solution to the proposed problem, with it, the intention is to
I used it as a tool aimed at improving.
continuously optimizing the processes in the Lomas commercial
del Valle I C.A. Thus, it is expected to achieve homogeneity in the processes of

inventory control management.

3.3 METHODOLOGICAL JUSTIFICATION

7
 From a methodological point of view, it is relevant since according to Cerda
(2016) Research is a constant process that originates from the need to
discover, find out, give explanations for the why of things. Like
formal criterionthe research attends to amethodthere is a systemic process
that generates constant knowledge that is enriched with
laterresearch.

3.4 SOCIAL JUSTIFICATION

The motivation that drives the author to investigate this topic is the lack
of an efficient inventory record in the commercial sector, therefore this project
provide in an appropriate manner how the registration should be carried out
inventories, allowing the management to obtain greater benefits at the time
to manage your company, generating greater satisfaction for both the
entrepreneur as for the clients. The goal of this project is to achieve that to
time to conduct audits in the inventory process, all policies
and established procedures are carried out; because it is of utmost importance.
importance of the existence of frequent reviews by qualified personnel.
Based on this, it is determined that the internal control of inventory is adequate.
y, por medio de pruebas, verificar que los procesos operativos son efectivos.

4. DELIMITATION OF THE STUDY

The present research will have a completion time included

on its start date: November 2020 and completion date: February of
2021, in the company Comercial Lomas del Valle I C.A. And it is located
framed within the field research line according to the University Dr.
José Gregorio Hernandez, whose theme is to apply Procedures for
the inventory record at the company El Comercial Lomas del Valle I C.A.
Located at Av 67A between streets 84 and 85 House #84-04 B/ Lomas del Valle I.
Taking reference from authors such as: Vertice (2010), Hurtado (2012),
["Cerda (2016)","Espinoza (2011)","Acevedo (2018)"]

8
 CHAPTER II
THEORETICAL FOUNDATIONS

9
 CHAPTER II

1. BACKGROUND

To support the research conducted, it is necessary to make a

conceptual assimilation of the research or work carried out on
the formulated problem, with the aim of determining the approach
methodological of the research. From the consulted sources were taken
as background the following investigations, since the
they are related to the study topic:

As the first precedent, D´addosio Mauro; Hernández Juan was taken.

and Pereira Rafael (2012) titled Analysis of the Adoption of the Standards
International Financial Reporting for small and
medium entities, Inventory and Property, Plant and Equipment in the
Dynamic Soda Source, LLC. In your thesis presented as
requirement to obtain the degree of Bachelor in Public Accounting in the
Rafael Belloso Chacín University. The study aimed to
analyze the adoption of International Financial Reporting Standards
Financial support for small and medium entities in the sections of
inventory and property, plant and equipment. To achieve this objective
the theoretical approaches of the authors: Brito (2007), IASB were used
(2009), Guajardo (2002), Redondo (2002), among others.

The research is situated within descriptive studies and

field, under a non-experimental design and of a transversal type, likewise
for this research, 3 people who are part of
the accounting department of the soda fountain Dinámica who occupy

10
 managerial and administrative positions. The observation technique used
to address the study variables was through a survey; to
Hello, a data collection instrument was used; being this
questionnaire composed of 136 items which was validated by 3
experts in the field, and applied to the selected personnel.

A descriptive statistic based on frequency was also employed.

absolute and the results evidence the lack of knowledge on the part of the
company on International Financial Reporting Standards
for small and medium entities, as well as the criteria of
recognition, the measurement bases of assets for their subsequent
sufficient disclosure of the financial statements, in addition to the lack of
planning for future adoption, thus leaving two without forecast
your most important categories such as inventories and the
property, plant and equipment.

It is recommended that management train the staff that works.

directly about this department or hire a human resource
capable of carrying out quality work in order to achieve certain results
understandable, relevant, reliable, and comparable financial information.

This work complements the subject of study of this research.

since it relates to the application of IFRS for SMEs
section 13 on Inventory.

As a second background consulted by the authors, the following is presented

work by Rodríguez, Rosmaris (2012) titled: Evaluation of
process of registering the entry and exit of goods, as optimization
of inventory control at Miyake Center, C.A. of the University
Experimental of Guayana to obtain the title of Bachelor in
Business Administration. The conduct of this research took place in
the company Miyake Center, C.A., in the inventory unit of the department
of inventory, located in the city of Puerto Ordaz, with the aim of
propose improvements for the registration of the process of entries and exits of

merchandise for the optimization of the inventory control model, with the

11
purpose of conducting an analysis of the current situation, which allowed for providing the

clear and reliable information when requested.

The methodology used for this study was defined by the design
of a descriptive type field and applied form, which served as a framework
for the analysis and interpretation of the results, based on this criterion
it was necessary to conduct a qualitative and quantitative analysis with observation
direct the relevant bibliographic documentary reviews to make the
description of the chosen topic, instruments that were necessary to research
obtain all the relevant information for the study to meet the objectives
proposed. For this reason, this research aims to adapt to the
organization of new controls in order to make it more effective,
efficient and productive, thereby allowing to work with timely information and
truthful.

This research was consulted to support the aspect

methodological of the present work as it is within the same type of
research.
As the third source consulted by the authors, the
work by Gotera, Angélica (2017), titled: Design of a
internal control system of items, accounts receivable, and inventory
merchandise for the company 'Battery Master, C.A'. Thesis work
from the Dr. Rafael Belloso Chacín University (URBE). Which had as
Purpose, To develop the procedures of the internal control system of
inventory of goods for the company 'Battery Master, C.A.'
based on theoretical sources Catacora (2012), Arias (2012), Blass
(2014), Moyer, Mcguigan and Kretlow (2010), among others.

From a methodological point of view, the study corresponds to

a descriptive type of research, with a bibliographic design and
field; the population of this work was made up of all the
staff of 'Battery Master, C.A', the exhibition was represented by
three (3) departments, accounting, management, and purchasing, according to the
a hierarchical position a questionnaire of flexible questions was designed,

12
 consisted of a total of twelve (12) questions, based on
dichotomous type questions.

The results show that the operations were not

reported at the right time, which distorts the information.
and does not allow for proper control. Likewise, the supervision system
it was deficient which accentuated the difficulty in control, since it did not
Establish precise responsibilities in the handling of operations.
The segregation of functions was not clearly defined for the
authorization, supervision, custody, and registration of the movements of the
inventories.

2. THEORETICAL BASES

Inventory

Guerrero (2010) argues that inventories are collections of

assets owned by a company that have been acquired with the intent
to resell them in the same condition in which they were purchased or
to be transformed into other types of goods and sold as such
in the normal course of exploitation.

In the same way, Pérez (2016) considers that inventories in the

In the case of trading companies, they can be defined as the
items that are available for sale and in the case of
a manufacturing company, finished products, in process,
raw materials and supplies that are to be incorporated into the
production.

It is worth considering that inventories are a highly important item.

for every company, as they make up the products that are
they are stored to be sold and distributed.

Importance of Inventories

13
 According to Pérez (2016), inventories are in most cases
companies one of the main assets that are reflected in their statements
financial, in many cases they are the most abundant goods that
they possess the companies and those who usually turn into cash more
ease and in a relatively short time; in other words
they represent the engine of the companies' operations so that
they can achieve the established objectives. The importance of the
inventory in a company is based on the fact that inventory is the
main source of income for any company that buys and
sells goods.

In accordance with the above, the inventories

they make up a process of great importance within the company since
they are converted into cash more easily as well as contributing
higher income for the company.

Inventory Classification

According to Pérez (2016), inventories can be classified

in attention to two main companies:

Commercial Companies.

Manufacturing Companies.

Commercial companies are characterized by having an activity of

buying and selling of goods and do not have a transformation process
of the acquired asset. For this reason, the costs of the goods
will be determined by their invoice price plus any other cost
related to its acquisition. For this type of companies, it is said about
merchandise inventories. The second type of companies, the
manufacturers manage a greater variety or diversity of
inventories, which respond to the type of activity they have. In another
In order of ideas, inventories are classified according to the activity.
business that companies engage in, that is, the companies
buyers and sellers of finished products classify their

14
 inventory, such as merchandise inventory, unlike the
companies and finished goods inventory.

Types of Inventories

With reference to Guerrero (2010), it describes that there are various types of

inventories which are mentioned below:

Merchandise Inventories: These are those made up of goods.

that a trading company acquires and in which they can
incorporate all costs related to the purchase or acquisition of
these assets. In this type of inventory, two types of transactions occur.
basics: Inventory Purchases and Inventory Sales.

Finished Goods Inventory: It consists of the goods that

they originate from the transformation of raw materials and the incorporation of
other costs such as direct labor and indirect costs of
production. This type of inventory originates in companies with processes of
manufacturing or transformation. The main operations that occur in
These assets are: Product Termination, Product Sales.

Work in Progress Inventory: Corresponds to incorporated costs

in companies of manufacturing and are formed for the following
components: Raw Material, Direct Labor, and Indirect Costs
Production

Raw Material Inventory: The raw material consists of the

supplies that have been acquired for the purpose of manufacturing or producing goods and

They significantly shape the finished product.

Factory Supply Inventories: It is composed of those

inventories that are necessary to carry out the production process and
which has the characteristic of not being easily visible in the product
finished.

Inventory of Packaging Material: The main characteristic of

this inventory is your relationship with the final product, as it serves for your

15
packaging and it is important because the cost itself significantly influences
when forming part of the final price.

Inventory of Goods in Transit: These are goods that have been

purchased and on which ownership is held, but as of the date of
balance sheet, have not arrived at the warehouse.

The ABC Method

Commercial experience shows that most of the value invested in

stocks corresponds to a reduced number of products, while the least
part of the investment is attributable to a large number of references. The same
it happens if we talk about sales figures or purchases, and about physical movements in
the warehouse.

In this regard, Vértice (2010) mentions that 'with the so-called ABC Method,'

derived from the Pareto Principle, different can be detected and classified
"groups that exist within the stocks" (p.22). For example, if it is used as
classification criterion the volume of sales of an establishment, more
specifically, the number of units sold of each product, the
Application of this method would define three groups: A) those that sell the most B)
to those with medium sales C) to those with low sales

Control

Based on the ideas presented by Rodríguez (2010), define

that control is to measure and correct the activities of subordinates in order to

make sure that the events fit the plans.

Viewed in this way, it can be defined that control allows measuring and
correct all activities developed in the company, allowing
thus the fulfillment of its objectives.

Importance of Control

16
 In this regard, Rodríguez (2010) states that control focuses on
evaluate and correct the performance of the activities of subordinates
to ensure that the organization's objectives and plans are being
carrying out. From here, one can deduce the great importance it has
the control, for it is only through this function that we will be able to specify
if what has been done matches what was planned and in case there are deviations,
identify the responsible parties and correct those errors. However, it is
it is convenient to remember that there should not only be post-control, but
which, like the approach, must be, at least in part, a
forecasting work.

In this case, one can study the past to determine what has
occurred and because the standards have not been met; from this
measures can be adopted to ensure that in the future
do not repeat the mistakes of the past. Furthermore, being in control is ...

last of the functions of the administrative process, this closes the cycle of
system for providing feedback regarding deviations
significant against the planned performance. The feedback from
relevant information from the control function can affect the
planning process.

Inventory Control

For his part, Guerrero (2010) states that control over the
Inventory is important because goods are the soul of a
marketer. Successful companies take great care of their inventories.
Among the elements of good internal inventory control are:

Count the inventories physically at least once a year.

whatever system is used.

Maintain efficient procedures for purchasing, receiving, and distribution.

Store inventories to protect them from theft, damage, and deterioration.

Limit access to the inventories to personnel who have access to the

accounting records.

17
Maintain perpetual inventory records for high-cost goods.
unitarians.

Purchase inventories in economic quantities.

Maintain sufficient inventory on hand to avoid situations of

lack of products, which leads to loss of sales.

Do not keep an inventory that is too large, avoiding

this way the expense of immobilizing money in unnecessary items is formed.

Valuation methodology of inventories

In this regard, the author Guerrero (2010) refers to the

inventories are valued as follows:

First in, first out - peps

Commonly known as FIFO (First In, First Out), this method of

inventory valuation is based on the logical interpretation of the
movement of units in the inventory system, therefore the
the cost of the latest purchases is the cost of the inventory, in the same
order in which they entered the warehouse.

Last in, first out – ueps

Commonly known as LIFO (Last In, First Out), this method of

the assessment is based on the fact that the latest articles that were included

part of the inventory, they are the first to be sold, of course depending on
of the unit cost, meaning that the physical flow is irrelevant, here it
It is important that the unit cost of the last entries is the one that is
apply to the first outputs.

Constant average cost or weighted average

This is a reasonable approximation valuation method in

where the balance in monetary units of the stocks is divided,
among the number of units in stock. This procedure that

18
 it causes an average cost to be generated, it must be recalculated for each

entrada al almacén.

Objetivo de los Inventarios

In this regard, the author Veloza, Paez (2018) indicates that the
Inventories are physical goods that are intended to be distributed.
as a business object, to be developed as goods or services
for later delivery, the products are in different
production methods for the respective distribution, all of which
the process is in inventory mode.

Inventory Records System

For his part, the author Guerrero (2010) qualifies the registration systems.
of inventory in the following way:

The Perpetual or Continuous Inventory System

In the Perpetual Inventory system, the business maintains a record.

I continue for each item in the inventory. The records show for each one.
both the inventory available all the time. The perpetual records are
useful for preparing monthly, quarterly, or annual financial statements
provisionally. The business can determine the cost of the inventory
final and the cost of goods sold directly from the accounts
without having to account for the inventory.

The continuous system offers a high degree of control because the

inventory records are always updated. Previously, the
businesses used the continuous system mainly for the
high unit cost inventories, such as jewelry and automobiles; today
day with this method administrators can make better
decisions about the quantities to buy, the prices to pay for
the inventory, customer pricing and the terms of sale to
offer. Knowledge of the available quantity helps to protect the
inventory. The derivation of the balance of each account includes the inventory:

19
The inventory account balance under the continuous system must result in the
cost of inventory available at any time. The records of
Continuous inventory provides information for the following decisions:

Most furniture stores keep their merchandise in their

warehouses, therefore the employees cannot visually inspect the
available merchandise and respond at that same moment. The system
perpetuo will timely inform you of the availability of said merchandise.
continuous records alert the business to reorganize the inventory when
this is shown below.

If companies prepare financial statements monthly, the

continuous inventory records show the existing final inventory, not
a physical count is necessary at this time; however, it is
A physical count is necessary once a year to verify the accuracy of
the records.

The Periodic Inventory System

In the periodic inventory system, the business does not maintain a

continuous record of the available inventory, rather, at the end of the period, the
business does a physical count of the available inventory and applies the
unit costs to determine the cost of the final inventory. This is the
inventory figure that appears in the Balance Sheet. It is also used
to calculate the cost of goods sold. The periodic system
it is also known as physical system, because it relies on counting
real physical inventory. The periodic system is generally used
to account for the inventory items that have a unit cost
low. Low-cost items may not be sufficient
valuable for ensuring the cost of maintaining an up-to-date inventory record
available. To use the periodic system effectively, the owner
must have the ability to control the inventory through inspection
visual.

International Financial Reporting Standards

20
 According to the IASB (International Accounting Standards Board)
Accounting 2001). The International Financial Reporting Standards
Financial before (International Accounting Standards), were
issued by the IASB, basing its proposal on the presentation of
consolidated information in the Financial Statements of companies.
The IFRS for SMEs emerge as a consequence of Trade.
International through the globalization of the economy, in which
they intervene in the practice of import and export of goods and
services, they were applied until reaching the investment
direct investment from other foreign countries thus promoting change
fundamental to the international business practice.

In light of this, the application of the process is determined

accounting harmonization with the aim of contributing to the building of
normative parameters, which aim to regulate activities
economic aspects of nations, these regulations intervene within the sector
social, educational, business, environmental, among others, with the purpose of
to make known the degree of impact of these aspects within the
globalization that is being developed and the harmonization with others
regulatory members of the accounting aspect. Due to the development
economic and globalization, the European Union faces the
decision to adapt international accounting standards
which seeks to eliminate the incompatibilities between IFRS for SMEs
with the directives to be in accordance with the European framework.

Scope of International Financial Reporting Standards

The IFRS for SMEs establish the recognition requirements,

measurement, presentation, and information to be disclosed relating to the
transactions and economic events that are important in the
financial statements for general purposes and events that arise in
specific economic sectors.

Objective of the International Financial Reporting Standards

21
 With the emergence of the IFRS for SMEs, there will be financial information of
greater quality, transparency, and flexibility, which will give greater prominence
to the process of solving accounting problems, that is, the application
of fair value, or the possible increase in litigation activity.

Impose the effective compliance with the rule and ensure quality of
the work of auditors, whose role is essential for the credibility of the
financial information.

Make proper use of the methodology and its application in daily practice.
Reflect the economic essence of a company's operations.

Provide solid, globally harmonized information sources that are useful in

decision-making process.

Provide a clear orientation to the investor through more explanations.

broad and detailed in the revealing notes to the financial statements, which
they are currently in use.

Present a faithful image of the company's financial situation.

General Aspects of International Financial Reporting Standards

Financial institution for SMEs section 13

Section 13. Inventory

This section establishes the principles for recognition and

measurement of inventories.

Inventories are assets

Held for sale in the normal course of operations. In process

for production with a view to that sale; or in the form of materials or supplies,
to be consumed in the production process, or in the provision of
services.

This section applies to all inventories, except for:

The works in progress, arising from construction contracts, including

the contracts for directly related services. The instruments

22
financial (see Section 11 Basic Financial Instruments and Section
12 Other Topics related to Financial Instruments.

Accounting application of IFRS for SMEs section 13

Measurement of inventories

An entity will measure inventories at the lower amount between cost and
the estimated selling price minus the costs of completion and sale.

Cost of inventories

An entity will include in the cost of inventories all costs of

purchase, transformation costs and other costs incurred to provide them
their current condition and location.

Acquisition costs

The acquisition costs of the inventories will include the price

on purchases, import tariffs and other taxes (other than
subsequently recoverable from the tax authorities), transportation,
the handling and other costs directly attributable to the acquisition
on goods, materials or services. The commercial discounts,
the discounts and other similar items will be deducted to determine the
acquisition cost. An entity can acquire inventories with payment
postponed. In some cases, the agreement actually contains an element
of implicit financing, for example, a difference between the price of
purchase for normal credit conditions and the payment amount
postponed.

Transformation costs

The transformation costs of the inventories will include the costs

directly related to the production units, such as
the direct labor. They will include a systematic distribution of the
variable or fixed indirect production costs, in which there is
incurred to transform raw materials into finished products.
They are fixed indirect production costs that remain.

23
 relatively constant, regardless of the volume of
production, such as the depreciation and maintenance of buildings
and factory equipment, as well as the management and administration costs of
the plant. Variable indirect costs are those that vary directly, or
casi directamente, con el volumen de producción, tales como los
materials and indirect labor.

Distribution of indirect production costs

An entity will distribute the fixed indirect production costs among

the transformation costs based on normal capacity of
the means of production. Normal capacity is the production that is
expects to achieve on average, over a number of periods or
seasons in normal circumstances, taking into account the loss
of capacity resulting from the planned operations of
maintenance. The actual level of production can be used if it is approximated
to normal capacity.

The amount of fixed indirect cost allocated to each unit of

production will not increase as a result of a low level of
production, nor by the existence of idle capacity. The costs
indirect costs not distributed will be recognized as expenses in the period in
that have been incurred. In periods of abnormally high production
high, the fixed indirect cost amount allocated to each unit of
production will decrease, so that inventories are not measured by
above the cost. Variable indirect costs will be allocated to each
production unit based on the actual level of use of resources
direct production.

Recognition as an expense

When the inventories are sold, the entity will recognize the amount
in these books as an expense in the period in which they are recognized
the corresponding revenues from ordinary activities. Some
inventories can be distributed to other asset accounts, for example the
inventories that are used as a component of properties,

24
 plant and equipment of own construction. The inventories distributed to
another asset of this type is subsequently accounted for in accordance with
the section of this IFRS applicable to that type of asset.

Information to be disclosed

An entity will disclose the following information:

The accounting policies adopted for the measurement of inventories,

including the cost formula used.

The total book value of the inventories and the book values according to the
appropriate classification for the entity. The amount of inventories recognized
as I spend during the period.

The losses due to impairment recognized or reversed in the results,

agreement with Section 27 (Asset Impairment).

The total book value of the pledged inventories as collateral for liabilities

25
 CHAPTER III

METHODOLOGICAL FRAMEWORK

26
 CHAPTER III

1. RESEARCH METHODOLOGY

The research is based on a methodological framework, which

define the use of methods, techniques, instruments, strategies, and procedures
to be used in the study being developed. This research will be conducted in the
Comercial Lomas del Valle I C.A. Located in the Maracaibo Municipality of
Zulia State. The way in which they are carried out is being studied.
procedures for inventory records within the department of
purchases in the inventory area to be able to determine the weaknesses within
of the same.

The methodological aspects guide the research process of the

study developed, since those procedures are the ones that guide
any project that is to be carried out. This is how research according to the
The purpose focuses basically on an applied study, having as
the purpose is to resolve immediate problems. The object of study is found
within the inventory area and is framed within a research model
which is given by the perspectives of the researcher.

2. TYPE OF RESEARCH

La metodología a utilizar será la investigación descriptiva, tal como lo

Noriega (2012) indicates that descriptive research is a form of study for
know who, where, when, how and why of the descriptive study subject
perfectly explains to an organization, the consumer, objects, concepts and
accounts.

A descriptive design is used to conduct research at the moment.

to describe the characteristics of certain groups. Therefore, it is necessary that the
The research will be conducted through surveys of a defined group of people.
from which expected information will be obtained to be aware of the
origin of the problem, the development of the surveys will be through questions
closed dichotomous options.

3. RESEARCH DESIGN

27
 The design of this research is field-based, since it is based on
real facts it is necessary to implement a strategy that allows for analysis of the
situation directly at the place where it occurs, that is; the department
shopping, inventory area of the commercial Lomas del Valle I C.A.

Arias (2012) indicates that field research is that which

consists of the collection of all directly from the researched subjects, or
from the reality where the events occur, without manipulating or controlling variables
some, that is, the researcher obtains the information but does not alter the
existing conditions. Hence its non-experimental research character.

However, field research also uses data

secondary, especially those coming from bibliographic sources, from
which the theoretical framework is developed. However, it is the primary data
obtained through field design, the essentials for achieving the
objectives and the solution to the identified problem.

4. POPULATION

According to Hernández, Fernández, and Baptista (2014), the population is: "The

set of all cases that match certain conditions

specifications." For the present research, the population under study
is made up of the employees who work at the Lomas Commercial
Valley I C.A

Table No. 1: Population Table.

Population Table

NAME AND CARGO

LAST NAME

Hernan Aristizabal General Manager

Yudith Pacheco Sales Supervisor

Eileen Ocando Accountant

Rocio Valvuena Seller

Ramiro Urdaneta Inventory Manager

Jose Leon Depository

 (Hernández, 2021)

5. SAMPLE

According to Chirinos et al (2016), the sample is made up of a subset.

of observations of the population to be analyzed. With the information
it is possible to obtain values close to the value of the parameter through
the estimators or classify the sample units based on attributes. To your
It indicates that the sample is classified as probabilistic and non-probabilistic.

probabilistic.

Non-probabilistic sampling includes a set of techniques for

the selection of a sample where the sampling units are
chosen based on subjective criteria and not through a selection
random. That is why neither the importance of biases nor
the precision of the estimator

Probabilistic sampling is characterized by the fact that, to form the

sample, each population unit has a probability of being
selected. With this sampling, it is possible to make inferences
statistics and study the errors.

For the purposes of this research, the type of sample selected will be non-
probabilistic.

6. DATA COLLECTION INSTRUMENTS

For Arias, a research technique 'is the procedure or form

particular to obtaining data or information” (2012, p. 67), for this purpose, they use
data collection instruments, which can be 'any resource,
device or format (on paper or digital)" (Arias, 2012, p. 68).

These instruments must have three important characteristics:

reliability, validity, and objectivity. Reliability is the degree to which the
application of the instrument to the same subject or object produces results
the same, that is, it is the degree to which it generates consistent results and

coherent. Validity is the degree to which an instrument truly

measures the variable it seeks to measure and objectivity refers to the degree of

29
 that the instrument is permeable to the influence of the researchers
that they manage, assess, and interpret.

To carry out the data collection process effectively

efficient the following instruments were used:

Observation: It consists of systematically visualizing

any fact, phenomenon, or situation based on the objectives of the
research, can be participatory (where the researcher is part of
of the community or environment where the study takes place) or not
participant (simple) where the researcher does not get involved in the environment or

reality in which the study is conducted. It can also be classified into

structured, where a guide is used that specifies which elements
they will be observed and free or unstructured, which has no guide
prior to its implementation (Arias, 2012).

The survey: It can be conducted orally or in writing; in the first

in case a card is used as an instrument that contains the questions and the
response options, which are filled in by the interviewer, it is also common that
use recording devices or video cameras to store the answers (Arias,
2012).

In the case of written surveys, they are conducted through

self-administered questionnaires, that is to say, they are provided
directly to the people so that they can mark their answers,
They can be done individually, in groups, or by mail.
electronic or website). They help to obtain relatively
fast data, they can be anonymous, their application is low-cost,
they are easy to analyze, however, they do not allow measurement

behaviors and does not allow obtaining detailed feedback, it

You must be mindful of the language because it can be a bias factor that influences.

in the responses (Hernández et al., 2010).

For the diagnosis of the current situation within the

purchasing department specifically in the inventory area of
Commercial Lomas del Valle I, C.A. Firstly, an inspection was carried out at

30
which made it possible to know how activities were carried out inside the warehouse,
and the way in which the records of entries and exits are kept
merchandise, as well as the respective control and supervision that they must undergo.

A survey was also created for the workers of El

Commercial Lomas del Valle I C.A, in which the following were carried out
questions:

Table No. 2: Questionnaire Table

ITEMS NO
1 Do you think that the company's inventory management can be improved?
2 Is there supervision in the inventory area by the person in charge?
3 Do you believe that the inventory situation affects profitability?
company?
4 Do you know the international standard IFRS for SMEs?
5 Does the company use any system to record inventories?
6 Do you think that the IFRS standards are applicable in this company?
7 Do you know section 13 IFRS for SMEs?
8 Do you think that section 13 of the IFRS for SMEs is important?
for the company?
9 Are formats used to keep track of entries and exits?
goods

10 Is there willingness on the part of the company members to accept

guidelines for relevant inventory records?

11 When returns of merchandise occur, there is a protocol

for the review?
12 If an issue arises in the development of the activities of the area, it
Are you looking to resolve it immediately?

13 Is there a person in charge to guide the inventory staff to face the

setbacks that may arise?

14 Is a daily planning model carried out for the operations?

developed in the area?

15 The purchasing department is in a different department than the others.

activities executed in the company?

16 Is there trained personnel in the warehouse to carry out an inventory?

(Hernández, 2021)

31
 CHAPTER IV

ANALYSIS OF THE RESULTS

CHAPTER IV

32
1. ANALYSIS OF THE RESULTS

The analysis and interpretation of the results according to Hurtado (2010), 'They are the

analysis techniques that deal with relating, interpreting, and searching

meaning of the information expressed in verbal and iconic codes"; and for
The definitive thesis will be a description of what will be carried out in Chapter
IV.

The purpose of the results analysis is to establish the foundations for

develop solutions to the factor being studied, in order to introduce
the improvement measures in the best possible conditions.

In this work, chapter IV will present the results obtained by the

instruments will be analyzed to lead to a proposal in
relation to the procedures for inventory registration of the Commercial
Lomas del Valle I C.A. The instrument used was observation and surveys.
6 employees of the company with sixteen (16) questions with answers
closed. Below are the results:

Chart No. 1: Do you think that the inventory records of

Can the company be improved?

Do you think that the company's inventory record

33
 Can it be improved?

If (5) No (1)

16%

YES
NO

84%

Hernandez (2021)

According to Hernández et al. (2010), in a questionnaire, the following are considered

basically two types of questions: Closed and Open. Closed, because they
they provide objective data in the response options and open ones, when
These are questions that ask for general opinions or experiences about the
interviewed. It will depend on the phenomenon under study and the characteristics of the

informants, the configuration of the questionnaire and the proportion of questions

closed and open. Through this graph it is observed that 84% of the
respondents agree that the procedure for inventory registration
the company presents frequent irregularities and therefore may be
improvable, while 16% claim the opposite. The wide difference
percentage makes evident the issue raised in the present
research.

Chart No. 2 Is there supervision in the inventory area?

of the person in charge?

2. Is there any oversight in the inventory area?

34
 in charge?
If (3) No (3)

50% 50% YES

NO

Hernandez (2021)

Inventory management is the process of managing inventory,

in such a way that its amount is minimized as much as possible, without affecting the service to

client, through appropriate planning and control (Cespón Castro, 2012).

In the current graph, it is observed that 50% of the respondents indicated that they do not

There is supervision in the inventory area by the person in charge.

while 50% claim the opposite. As the percentage difference is null, not
It is clear the truth of the facts, but it is necessary to establish
regulations for inventory supervision.

Graph No. 3 Do you consider that the inventory situation affects the
profitability of the company?

3. Do you consider that the inventory situation affects the

company profitability?
If (4) No (2)

33%

67%

YES NO

35
 Hernandez (2021)

Profitability is the relationship between income and costs generated by the

use of the company's assets in productive activities. The profitability of
a company can be evaluated in reference to sales, to assets, to the
capital or to the stock value. The 67% that represents the majority of the population
the respondent indicates that the problem raised in this research affects the
company profitability. 33% of the population doubts it.

Chart No. 4. Do you know the international standard IFRS for SMEs?

4. Are you familiar with the international IFRS for SMEs?

If (3) No (3)

50% 50% YES

NO

Hernandez (2021)

This standard aims to generate quality information for its

main users; shareholders, investors, suppliers, public clients
in general. They are an important part of a country's economy due to
its contributions and distribution of goods and services. On the other hand, they promote
the market, competition, and national production. 50% of the
Survey respondents claim to know this regulation while 50% indicate otherwise.

Graph No. 5. Does the company use any system to carry out the registration of
inventories?

5. Does the company use any system to keep the register of

36
 inventories?
Yes (1) No (5)

14%

IF
NO

86%

Hernandez (2021)
An inventory system is a management tool used to
register the quantities of goods existing in a business, as well as for
determine the cost of goods sold. It is essential for
that the company outlines a distribution strategy for goods, and avoid
irregularities due to loss and damage of products, that may
impact on customer delivery satisfaction. 14% of respondents
claims that there is a system to perform inventory registration while
86% of respondents affirm the opposite. Due to the absence of a
The registration system does not have reliable information about the company.
entries and exits of the products from the warehouse.

Chart No. 6. Do you think that IFRS standards are applicable in this
company?

6. Do you believe that the IFRS standards are applicable in this

company?
If (4) No (2)

37
 33%

YES
NO

67%

Hernandez (2020)

In this item, 67% of the respondents believe that the IFRS standards are
applicable in the company as they are an efficient means to attract
new capitals to the company: through the financial statements based on
with the IFRS, the company will be easily comparable with different alternatives of
investment in other countries, creating new sources of financing. The
33% of respondents believe that they are not applicable, but, being
influenced by the ignorance of them.

Chart No. 7 Do you know section 13 IFRS for SMEs?

7. Are you aware of section 13 IFRS for SMEs?

If (1) No (5)

16%

YES
NO

84%

Hernandez (2021)

16% of respondents indicate having knowledge about the section

13 IFRS for SMEs while 84% of respondents are unaware of them

38
the same. It is important for companies to manage these standards.
international in order to maintain a high profitability with good management of
their inventories according to IFRS standards. The lack of knowledge about these

regulations prevent the company from staying updated regarding methods

necessary accounts for the effective management of it.

Chart No. 8 Do you think that section 13 of the IFRS for SMEs
Are they important for the company?

8. Do you think that section 13 of the IFRS for SMEs is important?

for the company?
If (1) No (5)

16%

YES
NO

84%

Hernandez (2021)
16% of the surveyed population believes that section 13 of the
IFRS for SMEs are important for the company, while a
A broad majority of 84% is unaware of this section. Reaching the conclusion of
that the absence of the practice of these regulations is a factor by which the
the company has a lack of control in inventory management.

Chart No. 9 Do you use formats to keep track of the entries?

and merchandise outputs?

9 Are formats used to keep track of entries and exits?

merchandise?

Yes (1) No (5)

39
 16%

YES
NO

84%

Hernandez (2021)

Inventory control is a fundamental tool, since

allows companies and organizations to know the existing quantities of
products available for sale, at a specific place and time, thus
how the storage conditions applicable in industries. 84%
of the respondents indicate that no formats are used to keep control of
goods inflows and outflows while 16% indicate otherwise.

Graph No. 10 Is there willingness among the members of the

company to accept relevant record guidelines of
inventories?

10 Is there willingness on the part of the company members to

accept relevant inventory record guidelines?

If (6) No (0)

Hernandez (2021)

YES NO

100%
 The application of guidelines is advantageous for anyone
organization as it seeks to improve the procedures used within
she. 100% of the surveyed are willing to comply with
guidelines that enable the improvement of the inventory area.

Graph No. 11 When presenting merchandise returns,

Is there a protocol for the review?

11 At the time of presenting merchandise returns, there is a

protocol for the review?

If (2) No (4)

33%
YES
67% NO

Hernandez (2021)

67% of respondents indicate that when presenting

Returns of goods do not have a protocol for review.
same. Meanwhile, 33% state the opposite. Taking into account the wide
percentage difference can be concluded that the absence of such
procedures could represent losses for the company.

Chart No. 12. Does the company use any system to carry out the registration of
inventories?

41
 12 Does the company use any system to register
inventories?
If (1) No (5)

14%

YES
NO

86%

Hernandez (2021)

An inventory system is a management tool used to

to record the quantities of goods available in a business, as well as to
determine the cost of goods sold. It is essential for
that the company outlines a distribution strategy for merchandise, and avoid
irregularities due to loss and damage of products, that may
impact the satisfaction of the delivery to the customer. 14% of respondents
claims that there is a system to carry out inventory registration while
86% of respondents claim the opposite. Due to the absence of a
registration system the company does not have reliable information about the
inbound and outbound goods from the warehouse.

Chart No. 13 Does the company formally have rules and procedures
for the management and control of inventories?

13. Does the company formally possess rules and procedures for
the management and control of inventories?
Yes (0) No (6)

42
 YES
NO

100%

Every company must have rules and procedures that allow

control the inventory processes. 100% of respondents express
that Comercial Lomas del Valle I C.A does not formally have rules and
procedures for inventory management and control

Chart No. 14 Is a daily planning model carried out for the

operations developed in the area?

14 Is there a daily planning model in place for the

operations developed in the area?

If (1) No (5)

16%

YES
NO

84%

43
 Hernandez (2021)

According to García (2013), planning is a business practice that

it underscores the importance of the relationship between the processes. 84% indicates that not

a planning is carried out to schedule the operations to be developed, the

16% state that if it is carried out,

Graph No. 15 Is the purchasing area located in a department?

different from the other activities carried out in the company?

15 Is the purchasing department located in a different department than the

of the other activities carried out in the company?

If (6) No (0)

YES
NO

100%

Hernandez (2021)

The purchasing department is the section of a company responsible

of all the activities for the acquisition of raw materials, pieces of
replacements, services, etc., as required by the organization. According to the
100% of respondents in this area are in a different department from
the activities carried out by the company.

Chart No. 16 Is there trained personnel in the warehouse to perform a

inventory?

44
 16. Is there trained personnel in the warehouse to carry out a
inventory?

If (2) No (4)

33%

YES
NO

67%

Hernandez (2021)

Training is the short-term educational process, applied in a manner

systematic and organized, through which people acquire
knowledge, develop skills and competencies based on objectives
defined. According to 67% of the respondents, there is no trained personnel for
to take inventory in the warehouse, while 33% indicates otherwise.

45
CHAPTER V

PROPOSAL

46
 CHAPTER V

THE PROPOSAL

After conducting the investigation at El Comercial Lomas del Valle I,

C.A, from knowing the weaknesses that the Accounting Department has in
the inventory area and carry out the corresponding evaluation through the
questionnaire, the proposal is developed. This proposal consists of establishing
procedures for inventory registration, obtaining services from individuals
competent for training and guidance regarding inventories and their
You can propose an effective inventory management system to carry out.
these procedures with the least margin of error possible.

PROCEDURES FOR REGISTRATION FEBRUARY,

INVENTORY IN THE COMPANY EL 2021
Lomas del Valle I C.A. Commercial
PAGE 1/16

47
 PROCEDURES FOR INVENTORY REGISTRATION IN THE
THE COMPANY EL COMERCIAL LOMAS DEL VALLE I C.A

DONE REVIEWED BY: APPROVED

BY: DIEGO FOR:
PROF: IVAN NAVA
HERNANDE
Z

48
 Content

Section I
1. Introduction
2. Objectives of the proposal
3. Purpose
4. Justification
5. Feasibility
Section II
1.- Historical Review
2.- Mission
3.- Vision
4.- Organizational Chart

Section III

1. Establish procedures for inventory registration in the company El

Lomas del Valle I Commercial.

2. Guide the staff regarding the use of the procedures for

the inventory record.
3. Propose a system for inventory control.

DONE REVIEWED BY: APPROVED

FOR: DIEGO FOR:
HERNANDEZ PROF: IVAN NAVA

49
 PROCEDURES FOR REGISTRATION OF FEBRUARY
INVENTORY IN THE COMPANY EL 2021
Lomas del Valle I C.A Commercial
PAGE 3/16

SECTION I

DONE REVIEWED BY: APPROVED

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DIEGO PROF: IVAN NAVA

Hernandez

PROCEDURES FOR REGISTRATION FEBRUARY

INVENTORY IN THE COMPANY THE 2021
LOMAS DEL VALLE I C.A COMMERCIAL

50
 PAGE 4/16

INTRODUCTION

The base of everythingcompanycommerce is the buying and selling of goods or services;

hence the importance of management of theinventoryon the part of it. This
accounting management will allow tothe companymaintain thecontroltimely, like this
as well as to know at the end of the accounting period astatereliable of the
economic situation of the company.

At the company El Comercial Lomas del Valle I C.A, efforts are being made to strengthen the

inventory management, due to the research conducted it was evidenced

weakness in the record and handling of inventory therefore the present
the proposal establishes guidelines for its strengthening.

This instruction manual is structured in three sections, in the first section

it talks about the introduction, the objectives, the purpose, and the justification of this,
In the second section, we talk about matters related to the company, such as
its history, objectives, mission, and vision. And finally, the third section
they develop the proposed objectives.
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HERNANDEZ

PROCEDURES FOR REGISTRATION OF

INVENTORY IN THE COMPANY
FEBRUARY
COMMERCIAL LOMAS DEL VALLE I C.A
2021

PAGE 5/16

51
 OBJECTIVES OF THE PROPOSAL

Establish procedures for inventory recording in the company El

Lomas del Valle I Commercial.

Guide the staff on the use of the procedures for the

inventory record.

Propose a system for inventory control.

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INVENTORY IN THE COMPANY THE 2021
Lomas del Valle I C.A. Commercial
PAGE 6/16

52
 PURPOSE

The current guidelines for inventory management were established with the
end of being a fundamental tool for their proper management
and in turn to serve as an instrument for the homogenization of processes
that these imply. At the same time, the aim is for ongoing training and updating
of personnel based on the requirements identified in the research.

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INVENTORY IN THE COMPANY THE 2021
Lomas del Valle I C.A. Commercial
PAGE 7/16

53
 JUSTIFICATION

These guidelines correctly describe the management and control of inventory,

applied to the company El Comercial Lomas del Valle I C.A. They also offer a
significant contribution to the technical knowledge of administrative personnel
accountant that performs for the company.

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PROCEDURES FOR REGISTRATION OF FEBRERO,

INVENTORY IN THE COMPANY EL 2021
LOMAS DEL VALLE I C.A. COMMERCIAL
PAGE 8/16

54
 FEASIBILITY

Operational Feasibility: The proposal is considered operationally

feasible because the required personnel exists to carry out the
proposal and there are employees willing to apply the procedures
corresponding.

Technical Feasibility: The proposal is technically feasible as it

the company has the necessary equipment and tools for implementation
of the proposal.

Organizational Feasibility: The proposal is organizationally viable already.

the company has a functional structure that will facilitate relationships
between individuals.

Economic Feasibility: The feasibility is economically possible since

that the resources that the company will use to implement the proposal
they will be available.

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HERNANDEZ PROF: IVAN NAVAS

PROCEDURES FOR REGISTRATION OF FEBRUARY

INVENTORY IN THE COMPANY EL 2021
LOMAS DEL VALLE I C.A. COMMERCIAL
PAGE 9/16

55
 SECTION II

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INVENTORY IN THE COMPANY THE 2021
COMMERCIAL LOMAS DEL VALLE I C.A
PAGE 10/16

56
1. HISTORICAL REVIEW

We are a company founded in the year 2000, with the purpose of marketing
first-hand food products to the community.

2. MISSION

Being a company dedicated to the marketing of food products,

personal hygiene and use; offering quality, fair prices that respond
totally to the needs of our clients, through a team of
professional, honest and committed work.

3. VISION

To be a company recognized for its commitment and contribution to the

community, highlighting our organization, reliability, and excellence
products.

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PROCEDURES FOR REGISTRATION OF FEBRUARY

57
 INVENTORY AT THE COMPANY EL 2021
COMERCIAL LOMAS DEL VALLE I C.A
PAGE. 11/16

SECTION III

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PROCEDURES FOR REGISTRATION OF FEBRUARY

INVENTORY IN THE COMPANY THE 2021
COMMERCIAL LOMAS DEL VALLE I C.A
PAGE 12/16

ESTABLISH PROCEDURES FOR INVENTORY RECORDING

58
STRUCTURE OF THE PROCEDURE: A procedure was developed
General for the registration of the fundamental inventories of the company El
Commercial Lomas del Valle I C.A which consists of two steps. It constitutes the
methodological basis for the efficient management of inventory. The
necessary information for your application is obtained from the primary records and
the financial statements issued by the entity and can be applied in
dependence on stock needs to ensure the received demand.

STEP #1 ACQUISITION AND RECEIVING OF PRODUCTS.

The product reception staff must be informed of the order of

delivery, supplier and characteristics that the product must have to be
aceptado, esta debe ser entregada por el director de compras.

In turn, for this work, it must have a copy of the purchase order, the sheet of
receipt register, document that informs the reception criteria
depending on the product. By means of the registration sheet and analyzing the
Acceptance criteria determine whether the product is accepted or not.
the acquisition of products will be accounted for as follows:

Fec Of D H

59
 ha such e a
the b b
e e
r
Day/ Inv X
Month ent X
Year ari X
o
of
me
rca
ncí
a

With X
ent X
as X
po
r
pa
ga
r
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Lomas del Valle I C.A Commercial
PAGE. 13/16

The return of goods should be recorded as follows:

Fec Of D Ha
ha tall e be

60
 the b r
e
Day/ Cu X
Month/ ent X
Year as X
po
r
pa
ga
r

Inv XX
ent X
ari
o
of
me
rca
nci
a

STEP #2 LOCATE IN THE PRODUCT WAREHOUSE

Once the products are received, they will be located in the warehouse at the

areas corresponding to their classification in conformity, Upon exit

The products in the warehouse for sale will account for the cost of sales.
in the following way:

Fec D D H
ha and e a
to the b b
the e e
r
Day/ C X
Month/ os X
Year to

61
 of X
and
nt
a

In X
and X
nt X
ari
o

The sale is recorded as follows:

Date D D H
a e e a
t b b
a e er
l
l
e

Day/M B X
es/Year a X
o n X
c
o

V X
e X
n X
t
a
s

62
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Z

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LOMAS DEL VALLE I C.A COMMERCIAL
PAGE 14/16

PROPOSE A SYSTEM FOR INVENTORY CONTROL

To control the inventories of the company El Comercial Lomas del Valle I

C.A proposes a perpetual inventory system. The inventory system
perpetual, allows for constant control of inventories, by keeping the record of
each unit that enters and leaves the inventory. This control is carried out
through cards called Kardex where the record of each unit is kept, its
purchase value, the acquisition date of the exit value of each unit and the
date on which it is removed from inventory. However, the valuation of the
inventories and the determination of cost of goods sold by the perpetual system
they have the drawback with the values of the goods, since they are
they acquire on different dates at different prices so it is impossible
to have uniformity in the values of goods, especially in a country
inflationary like Venezuela. To solve this problem, it is recommended to the
the company to perform inventory valuation using the UPEA method
(Last in, first out). This means that every time the company
When making a sale, you must remove the sold products from the inventory.
hello, the purchase values of the last purchased units will be taken or
entered into the inventory.

63
DONE REVIEWED BY: APPROVED
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LOMAS DEL VALLE I C.A COMMERCIAL
PAGE 15/16

Record in the Kardex according to the LIFO method

In the Kardex, acquisitions are recorded in the column of

Entries, as well as the number of units purchased, are recorded in the
entries column subcolumn Quantity; it should be noted that the
Returns in Sales are recorded in the Exits column with a negative sign.
negative, following the parameters mentioned before.

In accordance with the above, the latest units acquired are

the first ones that are sold. For example, they do acquire 5 units at
1,000 and then 6 to 800, at the time of selling 7 units, they must be taken out

first the last 6 that were bought at 800 and then the missing unit
of those that cost 1,000.

Subsequently himself
must register the seats countable
corresponding, following the previous example, the entries would be the

64
following:

65
 DATE DETAIL MUST NEWS

01/03/2020 -1-

Inventory of merchandise 273,100.0

0
ACCOMPLISHED REVIEWED BY: APROVADO
FOR: VAT
DIEGO on purchase 16% 43,696.00 POR:
HERNANDEZ PROF: IVAN NAVAS

Bank 316.796,00

Purchase merchandise Rice Mary SEI 541 CE06,

CH09
06/03/2020 -2-

Bank 329,467.8
4
PROCEDURES FOR REGISTRATION OF
VAT on sales 16%
FEBRUARY
45,443.84
INVENTORY IN THE COMPANY THE 2021
Inventory of Goods 284,024.00
LOMAS DEL VALLE I C.A COMMERCIAL
Sale of 80 units of Mary Fact rice. TH- PAGE 16/16
7485, CH-6514
07/03/2020 -3-

Cost of sales 218,480.0

0
TRAIN THE Inventory
STAFF IN of CHARGE
Goods OF HANDLING THE 218,480.00

Register
INVENTORIES the cost of
ACCORDING TOthe
THEriceCOSO
sale Mary Fact. TH-
III FRAMEWORK
7485, CH-6514
Knowing the procedures for-4-inventory registration is warranted that
07/03/2020
the staff responsible for its control and management135,000.00
Inventory of Merchandise uses a control model
internal for the inventory area that allows establishing priorities and
VAT on Purchase 16% 21,600.00
to reduce unnecessary management in the development of activities, for that
Bank 156,600.00
the use of internal control components of the report is proposed
Purchase goods Rice Mary SEI 641 CS02,
COSO III, which are expressed as follows:
CI09

1a
1/)0A
3/m
20b2ie0Control Network. -5-

b) Risk Assessment.
Return in Sales 17,751.50
c) Control Activities.
VAT on Sales 16% 2,840.24
d) Information and Communication.
Bank 20591.74

e) Supervision and the

Register Monitoring.
return of 5 units.

-6-
Applying these components in the company EL COMERCIAL LOMAS DEL
VALLE I C.A. will establish
Inventory an integrated system that 13.655,00
of Merchandise will cover both the level

Cost of Goods Sold 13,655.00

66
Register the return of the goods to
Inventory
operational as management of the organization, all with the aim of increasing
productivity in operations through inventory safeguarding, with the
the purpose of proposing it to then implement it in the company, we have
developed a pyramid with the main aspects of each of the
components, the same ones that help us define the model to follow:

Each of these components is governed by a series of principles that

they help to establish and set guidelines that facilitate the development and supervision of

internal control effectively, the following principles are described for

your general knowledge within each component:

CONTROL ENVIRONMENT

The control environment is the component that consists of establishing the environment in such a way

in a way that stimulates and positively influences the activities of the staff within the
area concerning the control of such activities. This component is mainly governed by

67
under a series of principles that indicate the factors, mainly ethical and moral, that
they govern the workers within the institution. This is essentially the foundation of the others.

components and serves to provide discipline and structure for control.

This component is governed by the following principles:

Principle 1. Demonstrate commitment to integrity and ethical values:

Mainly referencing the ethical and integral development within the company, this
In the form of direction for the organization, it significantly contributes to efficiency.
of internal policies and encourages favorable control within the work area. It dictates
ethical values within the company communicating to each of the members all the
specific guidelines regarding what is correct or not within the
installations.

Principle 2. Exercise supervisory responsibility: In relation to the previous principle, it makes

reference to supervision, aimed at supervising the defined standards of conduct
internally and in the same way evaluate its level of application within the environment

Principle 3. Establish structure, authority, and responsibility: Having already complied beforehand.
from the conduct and supervision of it, only an organizational structure remains to be developed
adequate, hierarchizing each position with defined responsibilities that address the
fulfillment of its mission and objectives within the inventory area.

Principle 4. Show commitment to competence: Continuing with internal development,

evaluating and reviewing the effectiveness of compliance with the activities is essential for
the environment is controlled, identifying possible opportunities for improvement.

Principle 5. Enforcing responsibility: It is important to maintain in the environment

constant supervision for the compliance of each activity developed by each individual
within the company. Fulfilling objectives responsibly contributes to control
is solid within the institution, supported by commitment, the
integrity and ethical values are essential for their effective performance and
achievement, especially in the area of inventory.

Risk Assessment

This component seeks to identify and eliminate risks present in the work environment.
analyzing the activities concerning the company to determine its future management, measuring

68
the conflicts that may be affected within it. Risk assessment allows for
a continuous monitoring of operations, it is for this reason, an effective system of
risk assessment that keeps records of the evaluations made that allows to be done
monitoring the progress in the constant reduction of threats as it would become
an important element for achieving the objectives of the company El Comercial Lomas Del
Valley I C.A.

Risk assessment is governed by the following principles:

Principle 6: Specify the relevant objectives; since their importance is evident in

any organization, as they represent the basic orientation of all resources,
as well as the efforts made for effective internal control.

Principle 7: Identify and analyze the risks; this determines how it should be managed.
company, this process must be integral, complete and consider all interactions
significant assets, services and internal information; within the entity; its main
partners and external service providers.

Principle 8: Assess the risk of fraud; being a continuous process that seeks
Proactively identify and mitigate the vulnerabilities of an organization towards
internal and external fraud. In addition to this, the risk of fraud occurs when there are
events or conditions that indicate an incentive or pressure to commit fraud or that create
an opportunity to commit it. It is important to note that, in many cases,
A risk can be both business-related and fraudulent.

Principle 9: Identify and analyze significant changes that may have a significant impact.
risk management. This process develops parallel to risk assessment and
requires the establishment of controls to identify and communicate changes that may
affect the objectives of the entity.

Actvidades de control

This component is mainly developed in the evaluation of the results obtained.

through the procedures carried out by the organization. It aims to correct actions or
Processes that run unnecessarily that hinder the achievement of objectives,
as well as using methods that promote and strengthen the activities carried out in the
natural course of the company.

69
Principle 10. Select and develop control activities. This principle questions the use of
the activities that control the results obtained through the processes carried out in
the inventory area, thus measuring how reliable the activities it carries out can be
personnel within the warehouse area.

Principle 11. Select and develop general technology controls. Refers to the use of
control activities in the institution, but with the integration of technology so that
some way this favors the result through process automation
thanks to the use of technological equipment in the inventory area.

Principle 12. It is implemented through policies and procedures: This principle prioritizes the
policies implemented by the organization for the inventory area to comply with its
activities according to what is stipulated in them, as well as the use of activities that
control and confirm that these policies are being put into action, being fulfilled
cabalmente.

Principle 13. Use relevant information: These controls generate information that can
help to rectify possible data that is provided or activities that are carried out that, instead of
facilitate the process for the correct execution of activities, do not provide much utility to
the same or simply hinder the development of such procedures within
from the warehouse area.

Information and Communication

This component deals with efforts to bring the necessary information to the
individuals and departments that make up the company, with the aim of ensuring
adequate performance. Being of vital importance for the achievement of the established objectives

within every company. This necessarily implies implementing mechanisms that

allow their fluidity in a timely, precise, and reliable manner within all areas, of this
This way, precise decisions can be made, consistent with the objectives set out in
regarding the good management of the inventory.

The information and communication component is governed by the following principles:

70
Principle 14: Internal communication is communication directed at the internal customer, that is, to
worker. It arises as a response to the new needs of companies to motivate their
human team and retain the best in a business environment where change is constant
go faster. Let us not forget that companies are what their human teams are, for that reason,
there is no better results.

Principle 15: External communication is defined as the set of operations of

communication aimed at the external audiences of a company or institution, that is, both
to the general public, directly or through journalists, as well as to organizations
international, suppliers, shareholders, public authorities, local administrations and
regional.

Monitoring

The monitoring activity allows for the evaluation of the quality of internal control, the detection of

weaknesses in order to completely eradicate them through system cleansing

to control or eradicate them through the implementation of controls or processes
additional, although sometimes the opposite occurs and when considered a process or
Control deemed unnecessary is eliminated in order to accelerate processes
administrative and operational. It is governed by the following principles:

Principle 16: Conduct continuous and/or independent evaluations. The organization

select, develop and carry out continuous and/or independent evaluations for
determine if the components of the internal control system are present and
working. Continuous evaluations are integrated into business processes
at different levels of the entity and provide timely information, due to
that allow for real-time supervision and rapid adaptation. The use of the
technology supports continuous assessments, they have a high standard of objectivity and
they allow for an efficient review of large amounts of data at a low cost.

Principio 17: Evalúa y comunica deficiencias. La organización evalúa y comunica las

deficiencies in internal control in a timely manner to the parties responsible for applying
corrective measures, including senior management and the board, as appropriate. The
deficiencies or weaknesses found in the internal control system must be

71
 communicated to the indicated parties in the organization and in a timely manner so that they can

take the necessary measures.

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CONCLUSIONS

When analyzing the research results presented in the analysis

from the results, the information obtained through the instruments and
applied techniques, which reflect the opinions of the workers
from the company under study, the importance of
establish procedures for inventory registration in the company
The Comercial Lomas del Valle I C.A where it was evident that these
procedures will facilitate the work of employees as they serve as
guide for the proper handling of them.

Upon conducting the diagnosis at the company El Comercial Lomas del Valle
In C.A, deficiencies were observed in the accounting record due to the
absence of adequate procedures for inventory registration and the

72
 lack of a system that allows for inventory control in order to obtain
the smallest margin of error possible, likewise it does not have a
qualified and responsible person to manage the inventories.

This situation causes difficulty in decision-making.

company since they do not have accurate information from the warehouse to
to know what weaknesses must be addressed regarding the supply of
the products.

The inventory manager must be a leader, taking into account

it is up to them to achieve the set objectives of
efficient and productive way. In addition, it has to control the stocks and the
conditions in which it is stored. Also deciding the
location of the merchandise in the warehouse, taking into account the
characteristics of it.

Later regarding the design of accounting procedures

efficient for inventory tracking, it can be verified that the
composition of it in chapter V.

RECOMMENDATIONS

According to what was concluded, the following are carried out

recommendations:

Periodically conduct an analysis of the situation within the warehouse area.

The management of the inventory area must be supervised by the person.

in charge, who must keep a record of all entries and exits of
merchandise.

73
The company must stay at the forefront of changes regarding
accounting standards to improve their processes, achieve their objectives and
goals set without any inconvenience.

Create a manual of standards and procedures for the management and control of the
inventories.

BIBLIOGRAPHY REFERENCES

Arias, F (2012) The research project. Introduction to the

scientific methodology. Sixth Edition. Caracas, Venezuela. Episteme

D'addosio Mauro; Hernandez Juan and Pereira Rafael (2012) Analysis of

the adoption of international financial reporting standards
for small and medium entities, inventory and property,
plant and equipment at the Dinamica soda fountain. SLR

74
Gotera, Angelica (2017) Design of an internal control system
accounts payable and merchandise inventory for the
Battery Master C.A. company.

Hernandez Sampieri, Roberto / Fernandez Collado, Carlos / Baptista

Lucio, Pilar. (2010). Metodologia de la investigación, 5ta Edición.
Mexico

Hurtado de Barrera, J (2010) The research project. Third

Edition. Sypal Foundation. Caracas.

Jacqueline Hurtado de Barrera (2012) The research project.

Seventh Edition. Caracas

Rodriguez, Rosmaris (2012) Evaluation of the registration process

incoming and outgoing goods as optimization of control of
inventory at the company Miyake Cente, C.A

Orlando Espinoza. The efficient management of inventories.

(2011) Madrid.

Ortega Marquez, Ana / Padilla Dominguez, Sandy Patricia / Torres

Duran, Johana Isabel/ Ruz Gomez, Alexander (2017) Level of
importance of internal control of inventories within the framework
concept of a company.

Vertex. (2010) Supply and storage in sales. Malaga

Acevedo, N. (July 19, 2018) monografí[Link] Retrieved from:

[Link]

Jesus A. Cerda (December 20, 2016) monografí[Link].

Obtained from:[Link]
social-importance-html

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76
 ANNEXES

ANNEX No. 1: Kardex

77
ANNEX No. 2: Stowage Card

78
79