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Is opening stock an asset or liability?
Opening stock is the asset and shown under balance sheet as current asset, because this opening stock of material will be utilized to prepare units of products for sales in future.
What is the journal entry to adjust stock after a physical stock take?
stock should be debited if shown less in books and stock should be credited if shown more in books of accounts.
What is stock checking?
Is a checking on quantity of items or material including issuing and received material within stock
Which of the following will not be shown on the retained earnings statement?
Stock dividends
How do you get consumption?
Raw material Consumption= Opening Stock + Purchases - Closing Stock
Is closing stock appear in the trail balance?
Yes it should. It is possible that the closing stock would be shown as the opening stock with a change in stock value separately which would give the closing stock.
Is closing stock a balance sheet item?
Yes closing stock is balance sheet item and shown under current asset in asset side.
How is drawing power calculated?
Sundry debtors+stock in hand-sundry creditors only ninty days only * 75% = answer this is the drawing power of a company
Is treasury stock classified as an assets account?
Treasury Stock is shown in the Equity section of the Balance Sheet as a contra-account.
Are non stock materials items in which no quantities are recorded in the material master?
Non-stock materials are items in which no quantities are recorded in the material master.
When it comes to the items on the statement of cash flows would you expect a stock dividend to appear in the financing section?
If stock dividend is received then it will be shown under cash flows from investing activities while if stock dividend is paid then it is shown under cash flow from financing activities.
Can closing stock be credited to the trial balance?
Yes if the closing stock is given in trial balance it is shown in Assesst side of Balance Sheet, while if closing stock is given in'Adjustments' then it is shown in credit side of Trading a/c as well Asset side of balance sheet
