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Question
Stock of goods in hand at the end of _________ year is known as closing stock.
Stock of goods in hand at the end of _________ year is known as closing stock.
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Solution
The correct option is D accounting
Closing stock is the number of goods at the end of the accounting year. Every firm records closing stock as per accounting year only because the working cycle of every business is not the same and thus they maintain their accounts as per the year guided by accounting council, that is, 1st April to 31st March. A normal calendar is not used because every firm doesn't wish to work as per precise dates.
Closing stock is the number of goods at the end of the accounting year. Every firm records closing stock as per accounting year only because the working cycle of every business is not the same and thus they maintain their accounts as per the year guided by accounting council, that is, 1st April to 31st March. A normal calendar is not used because every firm doesn't wish to work as per precise dates.
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