What does SIT mean in ACCOUNTING
SIT stands for Stock In Trade and it is a term used to describe goods or merchandise that are held by businesses for the purposes of sale. This includes raw materials, unfinished goods, components, and finished products that companies have in their possession. Stock In Trade is also known as merchandise or inventory
SIT meaning in Accounting in Business
SIT mostly used in an acronym Accounting in Category Business that means Stock In Trade
Shorthand: SIT,
Full Form: Stock In Trade
For more information of "Stock In Trade", see the section below.
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Essential Questions and Answers on Stock In Trade in "BUSINESS»ACCOUNTING"
What does SIT stand for?
SIT stands for Stock In Trade
How can stock in trade be used?
Stock In Trade can be used to refer to goods or merchandise which are held by businesses for the purposes of sale, such as raw materials, unfinished goods, components, and finished products
What other terms are used for stock in trade?
Other terms used for Stock In Trade include merchandise and inventory
Who needs to keep track of stock in trade?
Any business who holds goods or merchandise for sale should keep track of their stock in trade
Is there any difference between stock in trade and inventory?
Yes; while some use the terms interchangeably, others may differentiate between Inventory (amount kept on hand) and Stock In Trade (amount available to customers)
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