Question

Is there any difference between cost category and stock category?

Answer 1

Stock categories is basically the categorisation of stock items of similar features belonging to different stock groups.

Answer 2

• Cost category means the classification or grouping of similar or related costs for the purposes of reporting, determining cost limits and determining rates.
• The Stock category offers a parallel classification of stock items. Like stock groups, classification is based on similarities in practice. Stock categories are basically the classification of stock items of similar characteristics belonging to different stock groups. Example: If the company is dealing with TV. The company's inventory may include TVs from various brands such as LG, Sony, Philips, etc.