Please tell me the difference between the words - STOCK and INVENTORY. Are there any difference between them in respect of any Trading concern and any Manufacuring concern?? More specifically, can tax authority seize any parts related to a machine (can be individually sold in market) while in transit from one branch to another in interstate transfer , just saying that the invoice contain the term "Inventory" instead of the term "Stock"??
1 Replies
Bhaskar Unnikrishnan CPA CMA
(Accounts / Administration)
(414 Points)
Replied 15 September 2012
Its confusing, but will try to explain:
Stock pertains to goods only, both in terms of quantity as well as its monetary value.Inventory is the sum of stock and assets that include plant and machinery.
In simple words when you say stock, it is a supply of goods for sale, kept for the store or for business matters, while inventory, it is the stock of goods of the merchandise or store or business has on hand. meaning inventory is the available stocks you have on hand.
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