Inventory Accountant Mock Interview
Master 25 Inventory Accountant interview questions covering GAAP, variance analysis, and cost accounting systems.
Question 12 of 25
What are the steps involved in a physical inventory count?
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Brian Schuchart is a CPA and Senior Finance Business Partner. His professional experience includes senior management roles with NBC Sports, Virtual Health, and the Children's Hospital of Philadephia.
Periodic inventory counts are crucial for businesses with material inventory value. The physical count ensures that the value of inventory, as reflected on the books, is materially close to the actual value. Most audits require inventory counts, and companies often view the counts as good business practice.
Brian Schuchart is a CPA and Senior Finance Business Partner. His professional experience includes senior management roles with NBC Sports, Virtual Health, and the Children's Hospital of Philadephia.
"First, the count must be planned. This includes setting dates, identifying inventory to count, training staff, and ensuring the appropriate scanners and other technology is set up. Next, on the date of the count, all inventory activities must be frozen so that the records are static. Then, the physical inventory count is completed using printed count sheets. Finally, any discrepancies are investigated and resolved."
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