Question

On 31 December 2015, before the business prepares its first financial statements, Benjamin will do a stock count on the number of books in the store. In accounting, we call this number of books as _________________________

Answer 1

Stock counting on the number of books in the store in accounting is referred to as stock taking.

What do you mean by Stock Taking?

Stock taking is the counting of on-hand stock. This method identifies each object on hand, counts it, and summarizes those portions by the object.

There will also be a verification step, in which the count outcomes are compared to the stock unit counts in a company's computer system.

Stock taking is a common requirement of a periodic stock system, and might additionally be required as a part of a company's annual audit.

Hence, Stock counting on the number of books in the store in accounting is referred to as stock taking.

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