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Hi,
My friends I am confused about these elements.
1. what is indirect and direct cost?
2. what is indirect and direct expense?
3. where these elements will b recorded in the accounting books?...

In my opinion there is no general entry for closing stock.
Closing stock recorded in trading account's credit side,and in balance sheet it will appear as current asset.ok

Stock on hand will b on Debit side of trial balance.
In inventory account it will be debited.

I want to know;
What is meant by patent amortization?
Is it direct or indirect cost?
If it is an expense then is it dirct or indirect