How can we explain what is an asset, consumable, stock,
store item ? What are the essential differences?
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Answer Posted / ican&*^
Asset: Asset means which bought for the purpose of carrying
the business in the terms of producing the goods not for the
purpose of resale.
Consumable: consumable means the products which required for
producing goods like maintenance of Machines ,etc
Stock means the goods which have been produced and are
readily available for sale. it may opening stock or closing
stock. It also includes Stock of RM
Note: It may include raw materials but need to specify
depending on the situation.
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