Valuation and Verification of Closing Stock

The valuation of closing stock is the important factor in determining the operating result.

Cost accounting system if it exists in the company will give the value of closing stock. But if cost accounting system is not in place, then physical stock verification needs to be done in the stores as well as on the shop floor and finished good stores.

Stock taking is the procedure or process of physical verification of stocks at periodic intervals.

Knol Number 469
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