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BIN CARD

Posted on November 26, 2019 By commerceiets No Comments on BIN CARD

Table of Contents

  • MEANING
  • FEATURES OF BIN CARD
  • FORMAT
  • ADVANTAGES OF BIN CARD
  • DISADVANTAGES OF BIN CARD

MEANING

Bin card is the record maintained under the perpetual inventory system by the stores department and shows the quantities of materials received, issued and balance in hand after each receipt and issue. It is also known as stock card or bin tag. Bin Card helps to monitor the total inventory process. This card is similar to library card that shows total movements of the library books and keeps the tracking of those books. It is issued to track the number of items held in a warehouse or stock rooms.

FEATURES OF BIN CARD

  • It is the statement if all the receipts and issues of material from stock from the stores department.
  • It is maintained by the store-in-charge or store keeper.
  • It is kept inside the store department.
  • It records only quantity of materials not the value.
  • It is updated when receipts and issues are made in the store department.
  • Transactions are updated individually because at every point of time, store keeper needs to be aware of the actual position of the stock.

FORMAT

FORMAT OF BIN CARD

ADVANTAGES OF BIN CARD

  • Bin Card is maintained for each item in the stock, in this way it facilitates individual record keeping.
  • It also provides information about the minimum level or maximum level of stock.
  • Bin Card is flexible to use as its format is not standard or rigidly specified.
  • Bin card minimizes the chances of mistakes because the entries will be made at the same time as goods are received or issued by the person actually handling the materials.
  • Control over stock can be more effective due to continuous updation.
  • It reduces counting errors.

DISADVANTAGES OF BIN CARD

The following are the disadvantages:

  • A large store space is required when the bin card is to be used.
  • As cards are kept without any protection, it can be damaged.
  • Maintaining bin cards can be more expensive.
  • There are problems associated with training of the staff that has to keep the bin cards.
  • There are chances of omission of receipts and issues of materials due to negligence of employees.
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Material controlPerpetual inventory systemPricing of materialsBin Card
Stores LedgerIncentive plansOverheadsIdle time
System of wage payment in cost accountingTime rate vs piece rate wage systemCost CenterLabour Turnover
Difference between management accounting and cost accountingAllocation and apportionment of overheadsAllocation vs Apportionment of overheadsAbsorption of overheads
Over absorption and under absorption of overheadsActivity based costingTraditional costing vs ABC systemReconciliation of accounts
Unit costingCost sheet formatCost sheet vs production sheetJob costing
Batch Costingjob costing vs batch costingContract costingJob Costing vs Contract costing
Process CostingProcess costing vs job costingJoint productsBy Product 
Equivalent productionMarginal costingApplication of marginal costingCost volume profit analysis
Tools and techniques of marginal costingBudgetBreak even pointProcess of budgetary control
Advantages and limitations of budgetary controlBudgetary ControlZero base budgetingStandard Costing
Variance AnalysisStandard costing vs budgetary controlManagement accounting vs cost accountingCost accounting vs financial accounting
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BIN CARD
BIN CARD
COST ACCOUNTING Tags:ADVANTAGES OF BIN CARD, DISADVANTAGES OF BIN CARD, FEATURES OF BIN CARD, FORMAT OF BIN CARD

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  • 11 ACCOUNTANCY
  • 12 ACCOUNTANCY
  • BCOM GNDU NOTES
  • BUSINESS MANAGEMENT
  • BUSINESS ORGANISATION
  • BUSINESS STATISTICS
  • COMMERCIAL LAW
  • CORPORATE ACCOUNTING
  • CORPORATE OR COMPANY LAW
  • COST ACCOUNTING
  • DIRECT TAX LAWS
  • FINANCIAL ACCOUNTING
  • FINANCIAL MANAGEMENT
  • FINANCIAL MARKET OPERATIONS
  • GOODS AND SERVICE TAX
  • INDUSTRIAL AND LABOUR LAWS
  • INTERNATIONAL BUSINESS
  • KEY DIFFERENCES
  • MANAGEMENT ACCOUNTING
  • MANAGERIAL ECONOMICS
  • MICRO ECONOMICS
  • OPERATIONS RESEARCH
  • PARTNERSHIP ACCOUNTS
  • RISK MANAGEMENT AND INSURANCE

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