Then, during the physical inventory count, employees count the merchandise, which the auditor then tests.
What does PHYINV stand for?
PHYINV stands for Physical Inventory
This definition appears rarely and is found in the following Acronym Finder categories:
- Military and Government
- Physical Layer Device
- Physical Layer Protocol
- Physical Damage (casualty insurance)
- Abstract Test Suite for PHY
- Physical Layer Repeater
- Physical layer/Medium Access Control (telecommunications)
- Peel Halton Youth Basketball Association (Canada)
- Port Huron Yacht Club (Port Huron, MI)
- Portsmouth Harbour Yacht Club (UK)
- Phylogeny Inference Package (genetics software)
- Power Hypervisor
- Physical Education
- Physics Review Letters (periodical)
- Physics-Inspired Paradigms in Wireless Communications and Networks
- Physical Security
- Moscow Institute of Physics and Technology
- Phytoremediation/Biotechnology Solutions for Spills (Environmental Technology Centre program, Canada government)
Samples in periodicals archive:
It was determined that the Service's method did not clearly reflect income because it did not consider an estimate for shrinkage during the period from the last physical inventory to the year-end.
471-2(d) does not permit an accrual of shrinkage until confirmed by a physical inventory.
PHYSICAL INVENTORY OBSERVATION Consider the case of Company X, a manufacturer that is being audited.