A physical inventory should be taken
A) after every purchase of merchandise.
B) after every sale.
C) at or near the balance sheet date.
D) only if a computer accounting system is used.

Question

Quizplus · Accepted Answer

A physical inventory is typically taken at or near the balance sheet date to ensure that the inventory records match the actual inventory on hand, providing an accurate representation of the company's assets at that point in time.

A Physical Inventory Should Be Taken