Question

Under perpetual inventory system, closing stock may be ascertained from quantity details recorded on ___ (a) Bin Card (b) Stock Ledger (c) Sales Ledger (d) None of the above​

Answer 1

Answer:

Stock Ledger

Explanation:

Under perpetual inventory system, closing stock may be ascertained from quantity details recorded on stock ledger

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Answer 2

Under perpetual inventory system, closing stock may be ascertained from quantity details recorded on (b) Stock Ledger

Perpetual Inventory System definition:

"Perpetual inventory is a method of accounting for inventory that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software."

Closing stock:

• "Closing stock is defined as the amount of inventory that a business still has on hand at the end of a reporting period"
• They are calculated from the cost of goods received and the cost the goods that are sold, which is obtained from the stock ledger.
• The accounting of closing stock is assessed from the physical quantity of products in the inventory or by using the Perpetual Inventory System.
• The opening stock of the next reporting time and the closing stock of the previous period must be the same.
• Perpetual inventory system provides high level of accuracy in the record of inventory. They also provide assurance against fraudulence.