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Physically should we verify closing stock we should apply?

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تم إضافة السؤال من قبل hasheef namkuth namkuth , accountant , malabary kitchen systems
تاريخ النشر: 2014/01/29
ABDUL MAJEED KUNNAM PADATH
من قبل ABDUL MAJEED KUNNAM PADATH , Chief Accountant , Arab building materials

Yes ,Count The Stock Physically at least once in a year(Just before Closing Books for the year)or periodically and make the stock adjustment entries to tally the system stock with physical stock.

HANNA SABA
من قبل HANNA SABA , Team Leader (Administrative Support), including translation, editing, and writing , Deloitte

Stock or inventory is an asset. It should be verified not just at the end of the year or period ( quarterly  or half yearly) but through surprise checks as well. Verification of stock means ensuring that it exists, the actual quanities match the quantities per books, the costing policy ( FIFO , Moving Average, etc.) is applied correctly  and consistetly,  etc. Stock verification also means observing any slow-moving or obsolete inventory, and making or adjusting the provision for slow-moving or obsolete inventory accordingly ( contra asset account). Therefore, stock verification should be conducted proactively and comprehensively, and not be limited to  quantities.or period-end. Moreover, stock verification means ensuring record-keeping is done properly, and the system of internal control over stock is adequate.

Mohammad Tohamy Hussein Hussein
من قبل Mohammad Tohamy Hussein Hussein , Chief Executive Officer & ERP Architect , Egyptian Software Group

Closing stock results from physical stock taking.

Dasarathi Rath
من قبل Dasarathi Rath , Sr. Accountant , Al Luban Special Investment LLC

If you could entered in store...

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