Examlex
When children use invented spelling,
Physical Inventory
The process of counting and verifying the actual quantities of merchandise or goods in stock, typically performed at the end of an accounting period.
Cost Flow Assumption
The method by which a company values and moves its costs (such as FIFO, LIFO) to determine the cost of goods sold and ending inventory valuation.
Net Income
The total earnings of a company after subtracting all expenses, taxes, and costs from total revenue; also known as net profit.
Inventory System
A method for keeping track of the quantity, location, and status of goods a company has in stock.
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