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Stock account
STOCK ACCOUNT

Definition: (finance) A record that a business makes, usually at the end of each year, of the value of its stock (= products it has not yet sold).
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* All six elements should be in.


1. Purposeful and necessary for the proprietor(s).

2. Valuation will be undertaken by 'qualified' person(s).

3. Check or checking, count or counting will be physically done.

4. Record will be all-inclusive. That is, goods awaiting delivery, work-in-progress and pending orders will be taken into consideration.

5. There will be thoroughness in the process of compiling information.

6. Serves purpose(s) as will be required by the concern or regulators.
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See perfect STOCK CONTROL.

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