A physical inventory count should be done at least once a year regardless of whether a perpetual or periodic inventory system is being used.

Name: A physical inventory count should be done at least once a year regardless of whether a perpetual or periodic inventory system is being used.
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Question

Quizplus · Accepted Answer

Both perpetual and periodic inventory systems require a physical inventory count at least once a year to verify inventory records and adjust for discrepancies, ensuring the accuracy of financial statements.

A Physical Inventory Count Should Be Done at Least Once