Accounting - Stock - recording and valuation
Stock - recording and valuation
Aspects of stock recording and valuation:
* source documents
* stock write down, lower of cost and net realisable value 
* principle of conservatism
* identified cost/FIFO - applications in stock cards, merits and
* 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.
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