Examlex
Which of the following sentences avoids the use of cluttering phrases?
LIFO Method
An inventory valuation method that assumes the last items placed in inventory are the first ones sold; stands for Last-In, First-Out.
Physical Count
The process of manually counting the actual inventory on hand at a specific point in time to verify stock levels and accuracy of records.
Perpetual Inventory System
An accounting approach that continuously updates inventory records for sales and purchases, providing a real-time view of inventory levels.
Physical Inventory
The process of counting all the physical goods and materials a company has in its possession at a certain point in time, often done annually.
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