Physical Inventory
Physical inventory refers to the actual counting of goods in stock at a specific time, typically at period-end. It verifies book records, identifies shrinkage or errors, and ensures inventory valuation accuracy. Even businesses using perpetual systems perform physical counts periodically to detect theft, damage, or misstatements.
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Purchase Order
A purchase order is a formal document issued by a buyer to a supplier, confirming the purchase of goods or…
Petty Cash
Petty cash is a small fund kept on hand for minor or incidental expenses, such as office supplies or travel…
Provision
A provision is an estimated liability recorded when a business expects a future obligation from a past event but the…
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