1. Stock : Goods purchased by businessman for trading purpose, goods remained unsold from that goods is called as stock. In brief stock means surplus of goods from purchases. Closing stock is current asset.
2. Debtors : When the goods are sold or services are rendered to customers on credit and the amount is to be collected from the customers than these customers are known as debtors of the business. Debtors are treated as current assets.
3. Creditors : The persons to whom the amount is payable are known as creditors. Creditors are treated as current liability.
4. Cost : To produce any product or to provide any service whatever expenses are required, the sum of these expenses is cost. Generally, in cost; raw material cost, labor cost and other costs are included.
