Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 6 - Reporting and Analyzing Inventory - Questions: 4

Answer

Physical inventory is a formidable task. Companies take physical inventory at the end of the accounting year.

Work Step by Step

In this task, involves actually counting, weighing or measuring each and every inventory on hand. The person, responsible for taking physical inventory keeps the list ready in hand and matches with each every item of inventory physical available.
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