Closing stock example sentences

Some examples of scheduled reports are: Trial Balance, Ledger, Statement of Cash Transactions (Cash Book), Statement of Ageing Accounts, Closing Stock Report, Profit and Loss Account and Balance Sheet, etc.In a trading concern, the stock on hand is the amount of goods which are lying unsold as at the end of an accounting period is called closing stock (ending inventory).In a manufacturing company, closing stock comprises raw materials, semi-finished goods and finished goods on hand on the closing date.While calculating quick assets we exclude the closing stock and prepaid expenses from the current assets.To illustrate, valuing closing stock at cost or market value whichever is lower; creating provision for doubtful debts, discount on debtors; writing of intangible assets like goodwill, patents, etc.Where average stock refers to arithmetic average of opening and closing stock, and the cost of goods sold means sales less gross profit.