Examlex
Under the FMLA:
Physical Count
A manual inventory verification process where actual items are counted to ensure records match.
Inventory Account
A balance sheet account containing the cost of goods a company holds for sale in the ordinary course of business.
Goods in Transit
Merchandise or products that have been shipped by a seller but not yet received by the purchaser, present in the distribution channel.
Inventory Inclusion
The process of adding items to a company's inventory count, ensuring they are recorded as assets in the financial statements.
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