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Store accounting involves recording the movement of stock, including quantities issued and received. Its key objectives are to provide information about the value of materials issued and received, determine ordering levels without inspecting stock, and indicate quantities and values on hand. Proper store accounting offers advantages like providing information, maximizing potential, controlling waste, and aiding insurance claims. Common methods for valuing materials issued include FIFO and LIFO. FIFO involves issuing the oldest materials first at their original purchase price, while LIFO issues the newest materials first at current replacement cost. Both methods have advantages in simplicity and disadvantages in complexity with fluctuating prices.
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Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
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His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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- 1. Store accounting is recording movement of stock . *When , which quentity issued and received. Objective -: Provide information -: provide information about value of How much matei issued and received. *Ordering level -: Objective of store
- 2. accounting to determine ordering level without inspection the stock of materials. *Indicating quentity and value -: Indicating quentity and value of store without unneccesry resorting to stock taking. Advantage -:
- 3. *Provide information *Use full potential *Control wastage *Protection -:proper store accounting project running short of materials it's consequences is disadvantage .Over stocking thus the risk of price fluctuations high carrying cost
- 4. Settle of claim -: Proper store accounting help in settlement of claim from insurance companies in case of fire 🔥, theft etc………
- 5. Procedure -: Classifying Finished goods. Raw material. WIP *Codification * Price vocabulary *Bincard Stock receipt Store Ledger
- 6. *Summary of receipt and issued * Stock Tacking. Method of valuation of materials When raw materials is issued from store to the production department the question arisen at what price job or work orders should be charged for the price of raw material in preparing cost.
- 7. Statement several method of pricing the material issued may be used the choice depending largely on the nature of materials condition in business
- 8. FIFO method -: Under this method materials is first issued from first consigment on hand priced at place in the store .In simple words materials received first issued first. Advantage -:Easy operation -: Simple and easy to understand and operate *Recover cost -: materials are issued
- 9. At purchase price recover the cost price. *Logical method -: Because it take account first which received first *Valuation - closing stock valued at current market price. Disadvantage-: Complicated -: issue of material different price complicate
- 10. Store keeper. Different to comparison -: Difficult when single material charged different price.
- 11. Last In First Out (LIFO)-: This method opposite to FIFO method this is based on assumption that latest issued of materials are issued for production .The price of issue of materials purchased is used for all issues of unit all units of that batch have been issued after which price earlier lot will be charged it is also
- 12. It is also called as replacement cost method. Advantage -: simple method *Avoid tax -:use method to avoid tax Systematic record -: LIFO is systematic method matches current costs with current revenue in better way.
- 13. Real income -: LIFO method revel real Income. Stability -: minimise unrealised inventory gain and losses tend to stabilize reported operating profit especially when industry in prone sharp price fluctuations. Accurate profit or loss-: current cost
- 14. Related to current price. Disadvantage-: Complicated -: when rate of materials receipt are highly fluctuating the method becomes complicated . Different price -: more the one price adopted for issue of material. Difficult for comparison -: cost of batch