Annual stock taking-done once a year and it si done for the purpose of preparing financial accounts.
Spot cheecking
Perpetual stock taking
what is stock taking
3 basic methods for checking stock:lContinuous / perpetual stock checkinglPeriodic stock checkinglSpot checking
this is where stock taking is done continously
periodic stock keeping
Chaking
The purpose of physical stock-taking is to be up to date on how much stock and materials the company has on things. It is a means to maintain knowledge of your inventory.
I guess you are trying to ask the question " what is stock Taking?" If so, stock taking is the term used when you count your stock/inventory, and match it with the stock that is recorded in your books (these days it is recorded in your computer system). Most of the companies do stock takes half yearly and some do it annually.
There are several different methods for taking notes (apex)
listing method
The main objectives of stock-taking include the recording of data in respect of quantity and value of stock at any given time and to facilitate the effective comparing between value and loss of goods. Stock-taking also aims to avoid discrepancies in the balancing of accounts.
Assessing your situation.
fifo- first in first out lifo- last in last out
Help me