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What (who) is physical inventory - definition
Physical inventory
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 inventory so component parts or raw materials can be restocked.
Inventory valuation
ACCOUNTING METHODS USED IN DETERMINING THE VALUE OF INVENTORY
Beginning Inventory; Inventory Costing; Inventory costing; Inventory valuation adjustment; Inventory cost
An inventory valuation allows a company to provide a monetary value for items that make up their inventory. Inventories are usually the largest current asset of a business, and proper measurement of them is necessary to assure accurate financial statements.
Inventory theory
MATHEMATICAL STUDY CONCERNED WITH THE DESIGN OF INVENTORY SYSTEMS
Inventory control problem; Inventory model; Inventory models
Material theory (or more formally the mathematical theory of inventory and production) is the sub-specialty within operations research and operations management that is concerned with the design of production/inventory systems to minimize costs: it studies the decisions faced by firms and the military in connection with manufacturing, warehousing, supply chains, spare part allocation and so on and provides the mathematical foundation for logistics. The inventory control problem is the problem faced by a firm that must decide how much to order in each time period to meet demand for its products.
Examples of use of physical inventory
1. In his memo released Thursday, Gates ordered a physical inventory of all nuclear related items.
2. Just concentrate on the physical inventory – roads disfigured by bomb craters, towns made uninhabitable, shopping parades gutted, houses collapsed like souffles gone horribly wrong.