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Stocktaking is a very important procedure in many organizations. Most of the
organizations must prepare financial statements at the end of every financial year. Thus by
definition stocktaking is the process of counting, weighing and measuring the quantity of
stock balances and recording of items being counted. The main objective of this study is to
find out the Ineffectiveness of Stocktaking which can cause costs as well as improper and
unplanned financial statements in an organization.
The topic of this study was An Impact of Ineffectiveness of Stocktaking on the Enterprise
Resource Planning (ERP) at Medical Stores Department (MSD), headquarters in Dar es
salaam, Tanzania. It is the study requirement of master program at Mzumbe University.
Therefore, in summary, this report will present the areas where the organization annual
stocktaking complied with annual financial statement and the points at which did not
comply in the proceedings of stock balances and recording of items being counted as well
the study will present possible reasons behind that hinder its compliance and the possible
solution to overcome the same in future.
By using various data collection method including questionnaire, interview, observation
and documents the researcher was able to collect relevant data and reach into conclusion.
To get relevant data of the study, questionnaires, interview, observation and review of
records from different sources were applied. The major findings in this study was that,
mismatch between the figures of opening and closing stock are likely to be used in the
final accounts, which culminates to wrong trading results of the firm.
The study reveals various weaknesses that can be termed as challenges on achievement of
planed and proper financial statement. |
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