Briefly explain what do we mean by continuous inventory records and "continuous" count

August 26th, 2011 Comments off
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Below explained what is the continuous inventory record and the method of continuous count:

What are continuous inventory records means:

Where a business holds considerable quantities of varied inventory, there is a need to maintain continuous inventory records which is a “card” kept for every item of inventory, showing receipts and issues from the stores and a running total.

Continuous count means:

To ensure the record cards are correct, store personnel will then need to at least count a few inventory items every day. This is so-called  “continuous count” where it is spread out over the year rather than completed in one count at a designated time.

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Financial Accounting


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