Asked by Blossom Heart on Jul 13, 2024
Verified
Describe the internal controls that must be applied when taking a physical count of inventory.
Internal Controls
Procedures and mechanisms implemented by a company to ensure integrity in financial reporting, compliance with laws and regulations, and effective and efficient operations.
Physical Count
The process of manually counting actual inventory or assets in person, often for verification purposes against accounting records.
Inventory
The raw materials, work-in-process goods, and finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale.
- Describe the importance of internal controls during a physical inventory count.
Verified Answer
Learning Objectives
- Describe the importance of internal controls during a physical inventory count.
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