Each department with an inventory is required to take a physical count at least once a year to ensure an accurate asset value is reported on the balance sheet and that cost of goods sold is recorded ...

Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small ...

If you run a business that requires the housing of inventory, the amount of inventory you keep on hand is tracked in your accounting system. Periodically, the inventory should be physically counted to ...

All departments are required to perform a complete inventory of their capital equipment once per year. This process is an important control activity designed to safeguard the assets of the University.

Adjusting an entry to correct a physical count of inventory is a common activity because the inventory account does usually not agree with the physical inventory. Retail stores take physical inventory ...