All Businesses Should Take an Inventory Count Once Each Year

question 72

True/False

All businesses should take an inventory count once each year to avoid inventory errors or shortages.

---

Definitions:

Tenant

A tenant is an individual or entity that occupies land or property rented from a landlord under a lease agreement.

Adjusting Entry

An accounting record made to update the financial position of a company before financial statements are prepared.

Fiscal Period

A specific duration of time for which a business or government reports its financial performance, could be a quarter, a year, or any other defined period.

Salaries

Payments made to employees typically on a monthly or biweekly basis for their work or services.