Stocktaking is an essential component of inventory management that involves the physical counting and verification of goods in storage. The main objectives of stocktaking are to ensure the accuracy of inventory records, support financial reporting, detect discrepancies, and improve inventory control. Below are the key objectives explained in detail.…
Author Archives: accountancy
Stocktaking
Stocktaking is the process of physically counting and verifying the quantity and condition of items held in inventory at a specific point in time. It is a vital control activity that ensures the accuracy of inventory records, supports financial reporting, and identifies discrepancies such as shortages, excesses, or damaged goods.…
The Role of Storekeeping in Inventory Management
Storekeeping is a cornerstone of effective inventory management. It ensures that materials, tools, and goods are properly received, stored, tracked, and issued, supporting smooth operations and cost efficiency. A competent storekeeping system helps maintain optimal inventory levels, minimizes wastage, and enables accurate financial reporting.…
Key Functions of Storekeeping
Storekeeping plays a central role in inventory management by ensuring that all materials, tools, and supplies are properly received, stored, and issued. The effectiveness of a storekeeping system directly influences operational efficiency, cost control, and production continuity. Below are the key functions that define the role of storekeeping in any organization.…
Objectives of Storekeeping
The main objectives of storekeeping revolve around the efficient management, control, and safeguarding of materials and inventory. Proper storekeeping ensures smooth operations in production, service delivery, and cost control. Below are the key goals that guide storekeeping functions across all types of organizations.…
Storekeeping
Storekeeping refers to the process of managing, organizing, and maintaining the materials, tools, equipment, and stock items in a store or warehouse. It is a vital function in manufacturing, retail, and service industries, ensuring that inventory is properly recorded, securely stored, and efficiently issued.…
The Gig Economy and Taxation: Challenges in Compliance, Policy, and Equity
The rise of the gig economy—characterized by short-term, flexible, and platform-mediated work—has transformed labor markets worldwide. From ride-sharing to freelance platforms, millions of workers now operate outside traditional employment structures. While this model offers flexibility and income opportunities, it presents significant challenges for tax authorities, including compliance enforcement, revenue collection, and policy design.…
Tax Incentives and Economic Development: A Critical Review of Effectiveness and Efficiency
Governments worldwide use tax incentives—such as tax holidays, investment credits, and special economic zones (SEZs)—to attract investment, foster innovation, and stimulate economic development. While such incentives are popular tools in fiscal policy, their effectiveness remains widely debated among economists and policymakers. This article critically examines the theoretical rationale, empirical evidence, and case studies on tax incentives, focusing on their economic impact, fiscal cost, and administrative challenges.…
Shadow Banking and Systemic Risk: Analyzing the Hidden Levers of Global Finance
The shadow banking system—comprising financial intermediaries operating outside traditional banking regulation—has emerged as a powerful, yet opaque force in global finance. From money market funds and hedge funds to securitization vehicles and peer-to-peer lending platforms, shadow banking entities provide credit, liquidity, and investment products without being subject to the same capital and liquidity requirements as commercial banks.…
Inflation Targeting and Monetary Policy: Evaluating Effectiveness in a Post-Pandemic Economy
Inflation targeting has long been the cornerstone of modern central banking. Introduced in the early 1990s, it involves setting explicit inflation rate goals—typically around 2%—to anchor expectations and guide monetary policy. However, the post-COVID-19 global economy has exposed the limitations of this framework amid supply shocks, fiscal-monetary coordination challenges, and geopolitical disruptions.…