STOCK CONTROL ACCOUNT Definition

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STOCK CONTROL ACCOUNT reflects the total amount or value of all stock items. The balance of each of the individual stock item ledger accounts or records must equal the total of the stock item list, which represents the amounts or value of the individual stock items obtained from the individual balances in the various subsidiary ledger accounts for each stock item. This subsidiary ledger is known as the stock item ledger.

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APPRAISAL VALUE is an opinion of a assets fair market value, based on an appraisers knowledge, experience, and analysis of the asset class.

ALLOWANCE FOR DOUBTFUL DEBTS see ALLOWANCE FOR BAD DEBTS.

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