Discuss the merits and demerits of annual stock verifications.

Annual stock verification, also known as physical inventory count or stocktaking, is a process where a company physically counts and reconciles its actual inventory with the recorded inventory in its books. This process has both merits and demerits.

Merits of Annual Stock Verifications:

1. Accuracy and Accountability: Physical stock counts provide an accurate measure of the actual inventory levels. It holds employees accountable for discrepancies between recorded and actual stock, promoting accuracy and honesty in reporting.

2. Identifying Discrepancies: Regular stock verification helps in identifying discrepancies between recorded and actual stock levels. This can uncover issues such ________ ______ __________ _________ ____.
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