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Theory Base of Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountTheory Base of Accounting1 Mark
Question
Distinguish between Opening Stock and Closing Stock.
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Answer

Opening Stock (Inventory): Opening Stock is the stock-in-hand in the beginning of the accounting year. In other words, it is stock-in-hand at the end of the previous accounting year.
Closing Stock (Inventory): Closing Stock is the stock-in-hand at the end of the current accounting period.

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