Stock Taking
Overview
Stocktaking is that the counting of on-hand inventory.
this implies identifying every item available, counting it,
and summarizing these quantities by item. There can also be
a verification step, where the count results are compared to
the inventory unit counts during a company’s computing
system. Stocktaking is a common requirement of a periodic
inventory system, and should even be required as a part of a
company’s annual audit. In short, stock-taking leads to a
summary-level document that contains a list of the
quantities available for each item as of a specific point in
time.
