ENTREPRENEURSHIP

Detailed explanation-1: -Physical inventory is the process of physically counting the items a business has on hand. It is an essential task for any business that manages inventory, as it helps to ensure accurate financial reporting and inventory management.

Detailed explanation-2: -A physical inventory process requires that you shut down the warehouse and physically go through and systematically count all of the items stored in the warehouse. Physical inventory counts might be needed at least once a year, for tax and end-of-year accounting purposes.

Detailed explanation-3: -The physical inventory method uses counting as the means by which store personnel manually count merchandise items in the retail store. A store associate performs the count, and then enters the count values into the system where they are stored. The system applies the adjustments to each item’s inventory.

Detailed explanation-4: -The following are the methods used in Housekeeping department for Inventory control: 4.1 Physical Inventory: A periodic actual counting of all the operating supplies, equipment and other items in the storage areas.