physical inventory count
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Physical inventory — is a process where a business physically counts its entire inventory. A physical inventory may be mandated by financial accounting rules or the tax regulations to place an accurate value on the inventory, or the business may need to count… … Wikipedia
physical inventory — 1. Audit procedures devised to obtain evidence of the existence, condition, and physical quantities of inventory. The counting of inventory quantities is normally performed on a sample basis, especially when the volume of inventory makes a full… … Auditor's dictionary
physical inventory — noun : an actual count of all stock or equipment or both of a manufacturing or mercantile concern distinguished from book inventory * * * physical inventory, an inventory made by a count of stock or equipment instead of by checking books of… … Useful english dictionary
Inventory control system — An inventory control system is an integrated package of software and hardware used in warehouse operations, and elsewhere, to monitor the quantity, location and status of inventory as well as the related shipping, receiving, picking and putaway… … Wikipedia
physical science, principles of — Introduction the procedures and concepts employed by those who study the inorganic world. physical science, like all the natural sciences, is concerned with describing and relating to one another those experiences of the surrounding… … Universalium
Cycle count — A cycle count is an inventory management procedure where a small subset of inventory is counted on any given day. Cycle counts contrast with traditional physical inventory in that physical inventory stops operation at a facility while all items… … Wikipedia
cycle count — UK US noun [C] ► ACCOUNTING, PRODUCTION, COMMERCE the process of counting a small chosen set of goods and materials owned by a company or available for sale in a store, etc. on each business day rather than having one time of the year, etc. when… … Financial and business terms
Periodic Inventory — A method of inventory valuation for financial reporting purposes where a physical count of the inventory is performed at specific intervals. This accounting method for inventory valuation only keeps track of the inventory at the beginning of a… … Investment dictionary
Stocktake — physical inventory count, a boring job that accountants inflict on the rest of us … Dictionary of Australian slang
stocktake — Australian Slang physical inventory count, a boring job that accountants inflict on the rest of us … English dialects glossary
cycle counting — cycle count UK US noun [C] ► ACCOUNTING, PRODUCTION, COMMERCE the process of counting a small chosen set of goods and materials owned by a company or available for sale in a store, etc. on each business day rather than having one time of the year … Financial and business terms
