FINISHED GOODS INVENTORY Definition

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FINISHED GOODS INVENTORY (FGI) is that portion of goods in inventory which have completed manufacture and are available for sale.

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MEMORANDUM FOR RECORD (MR) is an in-house memo covering information that would otherwise not be recorded in writing.

IMPAIRMENT OF VALUE is the permanent decline in the value of an asset. The entry is to debit the loss account and credit the asset for the loss in utility. See also FRS 11.

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