Yes
Yes
Yes
Physical inventory will allow to validate book inventory system.
The gaops may be because of errors or worse pilferage, spoilage etc. Both the system are required for effective controls
There are many different reasons why taking physical inventory is important. This is most important because it can differ from what is on record.
physical periodic
The purpose of physical stock-taking is to be up to date on how much stock and materials the company has on things. It is a means to maintain knowledge of your inventory.
Debit drawings accountCredit inventory account
this is where stock taking is done continously
Periodic stock taking is the process of physically counting and verifying the inventory levels of a business at regular intervals. By conducting periodic stock taking, businesses can ensure the accuracy of their inventory records, detect any discrepancies, and make necessary adjustments to maintain inventory control. It helps in preventing theft, identifying slow-moving or obsolete stock, and improving overall inventory management.
There are many different reasons why taking physical inventory is important. This is most important because it can differ from what is on record.
By taking a physical count. They will take their recorded amount and subtract the physical count to analyze inventory shrinkage.
physical periodic
The purpose of physical stock-taking is to be up to date on how much stock and materials the company has on things. It is a means to maintain knowledge of your inventory.
Taking inventory more than once a year, and thus looking at stocks over shorter periods of time, often results in discovering accounting or processing errors
periodic stock keeping
Debit drawings accountCredit inventory account
this is where stock taking is done continously
Taking inventory of your religious beliefs and figuring out where you stand.
(1) List the name, addresses, and DEA registration number of the provider(2) date and time of inventory and (3) Signature of the individual taking inventory
No, every business should not use inventory management software. Not all businesses even have an inventory to keep track of. For example I file other people's taxes for them, which does not require taking inventory.