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Difference between Inventory Valuation Account and Receiving Inspection account

Received Response
edited Apr 15, 2023 2:16AM in Costing 1 comment

Hello All,

Can someone explain in detail how Inventory Valuation and Receiving Inspection account should be different?

However, the definition is as follows.

Inventory Valuation Account: The value of Inventory is recorded in this Account.

Receiving Inspection Account: Inventory Receiving or Inventory Inspection account, used if we have decided to put Inspection before adding it to Inventory we need this account as Control account.

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