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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EUROIZATION is the use of the euro by a country as its own currency; the linking of a currency's value to that of the euro; or, the use of the euro for accounting purposes.

CASH IN TRANSIT is cash being transferred from one business to another or between two parts of the same business. If it is not recorded as an asset in either an adjusting entry may be necessary.

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