Closing stock, Accounting Standards

The Opening Stock of goods is the stock of goods in hand at the start of an accounting year. It may contain stock of raw material, work-in-progress and finished goods. It appears in the debit column of the trial balance. Inside the Trading Account this is the initial entry on the debit side. The valuation is generally done at cost or market price that ever is lower. The Stock of goods in hand on the end of accounting year is termed as Closing Stock. Likewise, closing stock may contain stock of raw material, work in progress and finished goods. The closing stock is demonstrated on the credit side of the Trading Account. Closing stock is generally not specified in the trial balance but is specified by way of additional information.

Posted Date: 4/3/2013 6:17:32 AM | Location : United States

Related Discussions:- Closing stock, Assignment Help, Ask Question on Closing stock, Get Answer, Expert's Help, Closing stock Discussions

Write discussion on Closing stock
Your posts are moderated
Related Questions
The first municipal bond insurance company was created in 1971 as a supplementary of MGIC Investment Corp. of Milwaukee; now usually called as Ambac Financial Group, Inc. The Ameri

QUESTION The recognition of human capital by modern businesses has led to the development of Human Resource Accounting (HRA) Required- (a) Explain the following terms-

It is a national organization of female Certified Public Accountants (CPAs) in America. The AWSCPA was established to encourage the interests of female CPAs in America by diverse

Comprising examined the conceptual origin of the balance sheet we will here try to study the balance sheet by itself. We have observed that every transaction influences the financi

Governing Documents - Official legal documents which dictate how an entity is operated. Governing documents of a CORPORATION include ARTICLES OF INCORPORATION and BYLAWS; a PARTNER

Prepaid Expenses In many conditions, like a custom, some of the item of expenses is generally paid in advance such as rent, taxes, insurance and subscriptions. The rationale of

Q. Financial consequences of business decisions? When nowadays college students are polled about their long-term career choice an astonishingly large number respond that they w

What kinds of risks does a firm like face with respect to safeguarding its assets? What types of controls do you think it already has in place to minimize these risks? G

Describe three examples of financial accounting practices and for each, explain how the practice assists in the decision making process