physical inventory

physical inventory
= physical stock check
The process of counting the physical balance of stock items at a particular time with a view to carrying out a stocktaking under a system of either inventory control or continuous stocktaking

Accounting dictionary. 2014.

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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

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  • physical inventory — /ˌfɪzɪk(ə)l ɪnvənt(ə)ri/ noun an act of counting actual items of stock …   Marketing dictionary in english

  • Inventory — means a list compiled for some formal purpose, such as the details of an estate going to probate, or the contents of a house let furnished. This remains the prime meaning in British English.[1] In the USA and Canada the term has developed from a… …   Wikipedia

  • Inventory valuation — INVENTORIES AND FINANCIAL STATEMENTS Inventories are usually the largest current asset of a business, and proper measurement of them is necessary to assure accurate financial statements. If inventory is not properly measured, expenses and… …   Wikipedia

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  • inventory — 1. Supplies used and goods manufactured in *production processes. Inventory is normally categorized into (i) *raw materials, (ii) *work in process, and (hi) *finished goods. Under most systems of * Generally Accepted Accounting Principles,… …   Auditor's dictionary

  • physical verification — A procedure auditors use to ensure that inventory recorded in the book is correct by actually checking out the physical inventory. Bloomberg Financial Dictionary …   Financial and business terms

  • physical stock check — See: physical inventory …   Accounting dictionary

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