a business's remaining stock at the end of an accounting period. It includes finished products, raw materials, or work in progress and is deducted from the period's costs in the balance sheets. nouna business's remaining stock at the end of an accounting period. It includes finished products, raw materials, or work in progress and is deducted from the period's costs in the balance sheets. ExampleAt the end of the month the closing stock was 10 per cent higher than at the end of the previous month.