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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Why is it important to take a physical inventory periodically when using a perpetual inventory system?

To determine

Physical inventory is the actual inventory which can be counted tangibly. Usually, at the end of each accounting period, company makes the count of physical inventory. It contains the particulars of inventories like, number count, volume, weight, and measures for all types of inventories.

To explain: the importance to take physical inventory periodically when using perpetual inventory system.

Explanation

The importance to take physical inventory periodically when using perpetual inventory system is stated as under:

  • The physical inventory should be...

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