Closing stock, Accounting Standards

Assignment Help:

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.


Related Discussions:- Closing stock

Advance accounting, journal entry and balance sheet for acquisition

journal entry and balance sheet for acquisition

Exploration costs, are exploration costs assets to Mining companies?

are exploration costs assets to Mining companies?

Attempts towards standardisation, Standardization in UK and USA: although ...

Standardization in UK and USA: although the Institute of Chartered Accountants in England and Wales began creating recommendations as 1942, real progress started along with the es

Fixed assets, Fixed Assets These are tangible, relatively long-lived it...

Fixed Assets These are tangible, relatively long-lived items owned through the business. The benefit of these assets is obtainable not only in the accounting period wherein the

Standard error of the mean, To finish  this scenario, use the Sample Size E...

To finish  this scenario, use the Sample Size Estimator Sheets A, B of this file. In the previous years of the twenty-first century, annual salaries for federal employees in the

The Banking, 1. What is a bank? 2. What bank overdraft?

1. What is a bank? 2. What bank overdraft?

Explain the meaning of social accounting, QUESTION Social accounting is...

QUESTION Social accounting is a way of measuring and reporting on an organisation's social and ethical performance. It is principally concerned with offering a complementary fo

Linear programming, 3. Solve the following Linear Programming Problem usin...

3. Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 = 4 X1 - X2 = 2 X1, X2 = 0

Payable.., how many tipe of accounts

how many tipe of accounts

Lease, why Accountant prefer commercial substance than legal form?

why Accountant prefer commercial substance than legal form?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd