Tag Archives | Inventory

4 Main Inventory Systems | Cost Accounting

The following points highlight the four main inventory systems. The systems are: 1. Perpetual Inventory System 2. Continuous Stock Taking System 3. Periodic Stock Taking System 4. Two Bin System. 1. Perpetual Inventory System: CIMA defines perpetual inventory system as “the recording as they occur of receipts, issues and the resulting balances of individual items […]

Stock Discrepancies: Reasons and Steps to Avoid | Accounting

In this article we will discuss about:- 1. Reasons for Stock Discrepancies 2. Steps to Avoid Stock Discrepancies 3. Accounting Procedure. Reasons for Stock Discrepancies: The possible reasons for discrepancy between physical stock and stock shown in records may be due to the following: (a) Shortage of material due to spoilage, evaporation, wastage in material […]

Inventory: Definition and Features | Accounting

In this article we will discuss about the definition and features of inventory. Definition of Inventory: ICAI has defined inventory as “tangible property held (i) for sale in the ordinary course of business or (ii) in the process of production for sale or (iii) for consumption in the production of goods or service for sale, […]

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