JAMB - Accounts Principles Of Accounts (2024 - No. 52)
The opening stock at the beginning of an accounting period represents
goods returned from last accounting period
cost of goods sold
cost of goods purchased
goods available for sale
Explanation
The opening stock is essentially a snapshot of the inventory you have on hand at the beginning of a new accounting period, ready to be sold or used in production. It serves as the starting point for your inventory calculations
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