Stock in trade (also called inventory) refers to goods held for resale in the normal course of business. It is classified as a current asset because it is expected to be converted into cash within one accounting year through sales.
Stock in trade is a ______?
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This question is part of 🌍 Current Affairs within the broader 🌐 Current Affairs & GK subject and appears in the Audit preparation collection. Reviewing the answer together with nearby questions helps reinforce the underlying concept and identify how it may appear in competitive exams.