Section 706.401937 - Inventory requirements1. A company shall take physical inventories on the last day of each calendar or fiscal year, or in lieu thereof, during the last week of the calendar year or fiscal year, of all materials and supplies that affect the operational, repair or maintenance activities of the company, including, without limitation, fuel, oil, tires, batteries, radio tubes, shop parts and small tools. An adjustment to the proper expense account must be made for the difference between the inventories taken at the end of the calendar or fiscal year and the inventories recorded for the beginning of the calendar or fiscal year. If any bills have not been received or recorded for items considered in the year-end inventory, proper accrual entries must be made at a realistic estimated cost value. The adjustments must reflect proper expenses for the end of the current year.2. Inventories of all materials and supplies must be segregated in accordance with the functional divisions established pursuant to the uniform system of accounts for limousine operations so that expenses may be allocated properly.Nev. Admin. Code § 706.401937
Added to NAC by Transportation Serv. Auth. by R040-02, eff. 9-20-2002