The Significance Of Physical Verification Of Inventory
As per definitions given in several textbooks, inventories are defined as tangible property held for sale in the ordinary course of business, or in the process of production for such sale. Furthermore, inventories can be summed up as consumption in the production of goods or services for sale, including maintenance supplies, consumable stores and spare parts meant for replacement in the normal course. Inventories also include stock of goods like raw materials including components, work-in-process, finished goods including by-products, maintenance supplies, stores and spare parts, and loose tools. Read More: https://www.akgvg.com/blog/the-significance-of-physical-verification-of-inventory/