Stock cards may be used as the basis for the preparation of ledger accounts.

How can stock recording valuation be described?

Stock cards are use as the basis for preparing ledgers.stocks are then valuated using fifo.lower of cost and net reliable value.

Stock - recording and valuation

Accounting -> Stock - recording and valuation Stock - recording and valuation Aspects of stock recording and valuation: source documents ledgers reports stock write down, lower of cost and net realisable value principle of conservatism identified cost/FIFO - applications in stock cards, merits and weaknesses physical/perpetual - recording/reporting, merits and weaknesses Stock cards may be used as the basis for the preparation of ledger accounts. In the example that follows you are required to prepare a stock card using both FIFO and identified cost. The stock control account will then be prepared from the relevant stock card.

Information is fruitful.

FIFO stands for first in first out

I understand a little bit about stock, I used to think the funds put in plus the interest gained on the funds is what I am supposed to get once I sell, but you actually just get the funds that you have gained from it.

What is FIFO?

i have completed this course but the certificate as not be issue to me.