What are the two main types of stock systems used in accounting?

The two main types of stock systems used in accounting are periodic and perpetual systems.

In a periodic inventory system, inventory levels and the cost of goods sold are determined at the end of a specific accounting period. This method involves conducting a physical count of inventory to assess its quantity and value. The periodic system is simpler and less costly to maintain, often used by small businesses or those with low inventory turnover.

On the other hand, a perpetual inventory system continuously updates inventory records after each purchase or sale. This system provides real-time tracking of inventory levels and cost of goods sold, offering more accurate and timely information. It is highly beneficial for businesses that have a large volume of inventory or require detailed tracking for operational efficiency.

The other options refer to concepts that do not accurately represent the accepted stock systems in accounting. Static and dynamic do not pertain specifically to inventory management, while fixed and variable refer to types of costs in managerial accounting rather than stock systems. Thus, the classification of inventory management methods as periodic and perpetual is the most accurate representation.