There are two common methods of recording inventories or stocks in the General Ledger of business entities:- 1. The Periodic Method 2. The Perpetual Method The choice of the method used will directly determine the double entries for the recording of inventorie...
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Tagged As: accountancy, accounting, accounts, bookkeeping, closing inventories, cost of goods sold, cost of sales, inventories, opening inventories, periodic method, perpetual method, recording inventories, recording stocks, small business, stocks, what is inventory
Remember in my previous post on the Balance Sheet? The Balance Sheet shows the “position” of an entity at a certain point in time. However, the Income Statement shows a different picture than the Balance Sheet – Income Statement or Profit and Loss...
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Tagged As: accountancy, accountant, accounting, accounts, bookkeeping, closing inventories, double entry, income statement, small business
