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physical count

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

An actual count of the goods owned by the company. The actual counts are then compared to
the quantities reported on the detailed inventory records. If a difference exists, the quantity
shown on the inventory record should be changed to the physical count.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

Learn More About Harold

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