stocktaking

Meanings

• Noun

  The act of checking and recording the quantity and condition of stock (inventory) held at a particular place and time.

  - "During the annual stocktaking, the company was able to identify obsolete inventory worth $50,000."
  - "The stocktaking process can be time-consuming but is essential for maintaining accurate inventory records."

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Rhymes

Words rhyming with stocktaking
talking , walking , mocking

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Variants

List of all variants of stocktaking that leads to same result
stocktaking , stocktakings

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Etymology

origin and the way in which meanings have changed throughout history.

The term 'stocktaking' originated from the Middle English 'stok' meaning 'stock or supply' and 'taking' meaning 'taking an account or inventory.'

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. Stocktaking was first used in ancient Egypt, where merchants would count their goods twice a year to ensure accurate records.

2. The largest stocktaking event in the world is the Indian festival of Diwali, where businesses close for several days to conduct their annual inventory checks.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Inventory Management: The coordination of manufacturing, purchasing, stocking, and distribution of goods and materials. Stocktaking is an important aspect of inventory management.

2. Material Requirements Planning (MRP): A production planning system used to calculate the quantity of raw materials needed to manufacture a product based on sales orders and inventory levels. Stocktaking helps ensure accurate inventory data for MRP.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Stocktaking is an essential business practice used in various industries, including retail, manufacturing, and logistics. It is a crucial activity for managing inventory levels, identifying obsolete or damaged stock, and maintaining accurate financial records.

How to Memorize "stocktaking"

1. visualize
   

   - Imagine a warehouse filled with rows of shelves, each labeled with a product name. Visualize a team of workers checking each item on the shelves against a list and recording the quantity and condition.

2. associate
   

   - Associate the term 'stocktaking' with 'accounting' or 'inventory management' to remember its meaning.

3. mnemonics
   

   - Use the mnemonic 'Stocks Take Accounts' to remember the meaning of stocktaking.

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