Physical inventory
A manual count of the on-hand inventory.
Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit.
physical inventory An actual count of all the merchandise on hand and available for sale.
plant assets Long-lived assets that are used in the production or sale of other assets or services over several accounting periods.
Physical inventory (stock-take) - Is determining the quantity of inventory on hand through an inventory count (i.e., quantity, weight).
Physical verification A procedure auditors use to ensure that inventory recorded in the book is correct by actually checking out the physical inventory. P & I Stands for principal and interest on bonds or mortgage-backed securities.
Physical commodity See: Commodity Physical verification A procedure auditors use to ensure that inventory recorded in the book is correct by actually checking out the physical inventory.
As long as you take regular physical inventory counts at intervals during the year, you may extrapolate your beginning/ending amounts.
In a real world scenario, the beginning and ending inventory amounts would be supported by a physical inventory and the purchases determined from accounting records.
Regardless of which inventory method you use, you must take a physical inventory at reasonable intervals and the book figure for inventory must be adjusted to agree with the actual inventory.
INVENTORY SHRINK - as used in retail, is reduction in physical inventory caused primarily by shopliftin...
INVENTORY SHRINKAGE - a reduction in the physical amount of inventory that is not easily explainable. T...
A procedure auditors use to ensure that inventory recorded in the book is correct by actually checking out the physical inventory.
Pie model of capital structure ...
Physical counting and valuation of stock in trade; typically performed annually at year-end, but may be performed more frequently or at other times. See also Physical Inventory.
English▼ ...
test count As part of inventory audit procedures auditors normally observe the client's employees counting physical inventory. A test count is inventory counted by the auditors to check the client's count.
RECONCILIATION - The process of correlating one set of records with another set of records and/or a physical inventory count that involves identifying, explaining, and correcting differences.
An investor hoping to increase the price of a commodity can do so by leveraging his or her demand for it, and buying physical inventory as well as purchasing futures contracts for that commodity.
Physical inventory: The actual process of counting and valuing the inventory on hand at the end of an accounting period.
 See also: Expense, Values, Compensation, Accounting method, Banks
  
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