TEST COUNT Definition

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TEST COUNT, in inventory audits, is where a test count is inventory counted by the auditors to check the client's count.

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INVENTORY TAG is a tag attached to inventory items that identifies the inventory items to aid in counting the physical inventory.

IMPAIRMENT OF VALUE is the permanent decline in the value of an asset. The entry is to debit the loss account and credit the asset for the loss in utility. See also FRS 11.

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