Then, during the physical inventory count, employees count the merchandise, which the auditor then tests.
What does PI stand for?
PI stands for Physical Inventory
This definition appears very frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of PI
We have 126 other meanings of PI in our Acronym Attic
- Petroleum Institute
- Phase I (clinical studies)
- Philadelphia Inquirer (newspaper)
- Philippine Islands (slang)
- Phosphate (Inorganic)
- Phosphorus Index
- Photo Interpretation
- Photo Interpreter
- Photographic Interpreter
- PhotoImpact (digital imaging software)
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.