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.125 STOCK
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∙ 11y ago
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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
How do you get consumption?
Raw material Consumption= Opening Stock + Purchases - Closing Stock
Which of the following will not be shown on the retained earnings statement?
Stock dividends
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.
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.
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 closing stock a balance sheet item?
Yes closing stock is balance sheet item and shown under current asset in asset side.
What is stock out cost?
Stock out cost is the cost which any business has to face due to unavailablity of material stock at the time of emergancy requirements may be incase of loss of sales or any material discounts available etc.
Meaning of attic stock?
Attic stock is excess construction material held to allow for repairs.
Is treasury stock classified as an assets account?
Treasury Stock is shown in the Equity section of the Balance Sheet as a contra-account.
