What type of inventory requires a physical count of all property during a specified time period?

The correct answer is that a complete inventory requires a physical count of all property during a specified time period. This type of inventory involves taking a thorough and exhaustive count of every item in stock, which is typically conducted at designated intervals or during a specific timeframe, such as annually or semi-annually. The objective of a complete inventory is to ensure that the records of assets are accurate and up-to-date, providing a clear view of what is held.

This method contrasts with other inventory types that may focus on sampling or partial counts rather than a total verification of assets. For example, a cycle count involves counting only a portion of inventory on a rotating basis throughout the year, allowing for continual verification without needing to account for the entire inventory at once. Meanwhile, random and sample inventories are based on statistical methods to estimate totals without physically counting every item, which can lead to inaccuracies if not properly managed. Therefore, the essence of a complete inventory lies in its comprehensive approach to asset verification, ensuring all items in inventory are accounted for and accurately reflected in the records.