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In the figure below, a student:
Physical Count
The act of manually counting inventory on hand to verify records and ensure accuracy in reporting assets.
Non-Inventory
Items or services a company sells or uses in its operations that are not held in inventory, such as supplies, subscriptions, or services.
QBO
Abbreviation for QuickBooks Online, a cloud-based accounting software designed for small and medium-sized businesses.
3-Way Match
A process in accounts payable to compare the purchase order, delivery receipt, and invoice before processing a payment, ensuring accuracy and preventing fraud.
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