Question

The stock of raw materials, inputs, and component parts that an organization has on hand at a particular time is called _________. storage inventory products stored components holdings

Answer 1

The stock of raw materials, inputs, and component parts that an organization has on hand at a particular time is called Inventory.

Explanation:

The amount of goods that are held by an organisation for the purpose of sale to the customers in near future refers to Inventory. The things that are included in inventory are raw materials, work in progress and finished goods of an organisation. Merchandise is the name that is used by the retailers for the purpose of mentioning inventories.

Inventories plays a major role in an organisation as it determines the amount of goods that are sold and the amount that is in hand. It is very essential for any company to have inventory accounting for the purpose of planning its purchases.

Answer 2

The stock of raw materials, inputs and component parts that an organization has on hand at a particular time is called "Inventory"

Explanation:

• "Goods in stock" is called inventory
• It can also be termed as the amount of goods "stored for the purpose of business".
• The materials are on hold either for sale or for re-sale
• It can contain even "raw materials" and also parts to assemble products
• It is a process of listing or accounting the number of items and the name of the item available readily
• There is a "difference between inventory and stock"