The Week That Was – Listen to the weekly audio podcast by Prof. Vinod Kumar from Accounting Education.
notes /stories discussed in the podcast include:
Techniques of Material Control
Material is main current asset of business which is needed for finished product. It also has big proportion in total cost. These two points attract businessman to control the material, so that supply of stock should be continue without any delay and also it should be at optimum level without any over-stocking problem. For this, cost accountant has to use techniques for controlling the material or inventory.
Two Bin System
Two bin system is used for the material control. It is that technique of material control in which we have two bins, one is used for in use minimum stock and second bin is used for reserve stock or to keep the remaining quantity of material. This system of inventory control is also called in USA kanban. First bin is utilized for issuing the material for production and then, second bin is used. Its record is done on bin cards and store ledger card.
ABC Analysis
ABC analysis is that technique of material control in which we divide our material into three categories and investment is done according to the value and nature of that category’s materials. After this, we control of material according to their level of investment. We need not to control all the categories but we have to control those materials which are in a category.
Continuous Stock Verification
Continuous stock verification is that technique of material control in which company appoints some experts who verifies all the stock physically with its record. It is just like internal audit of store. These experts are independent from store and they have right to check the material at any time without providing advance information to store staff. This surprise checking through continuous stock verification makes store staff more responsible for duty. There are also other benefits of continuous stock like it will make store keeper more sober and moral to do the duty. He knows that the store is also controlled by experts. He tries to best to reduce all inherent shortcomings.
One New Reason of Financial Crisis
Recently, the youtube frnksng from United States user has posted comment on my video of financial crisis and its reason.
notes /stories discussed in the podcast include:
Techniques of Material Control
Material is main current asset of business which is needed for finished product. It also has big proportion in total cost. These two points attract businessman to control the material, so that supply of stock should be continue without any delay and also it should be at optimum level without any over-stocking problem. For this, cost accountant has to use techniques for controlling the material or inventory.
Two Bin System
Two bin system is used for the material control. It is that technique of material control in which we have two bins, one is used for in use minimum stock and second bin is used for reserve stock or to keep the remaining quantity of material. This system of inventory control is also called in USA kanban. First bin is utilized for issuing the material for production and then, second bin is used. Its record is done on bin cards and store ledger card.
ABC Analysis
ABC analysis is that technique of material control in which we divide our material into three categories and investment is done according to the value and nature of that category’s materials. After this, we control of material according to their level of investment. We need not to control all the categories but we have to control those materials which are in a category.
Continuous Stock Verification
Continuous stock verification is that technique of material control in which company appoints some experts who verifies all the stock physically with its record. It is just like internal audit of store. These experts are independent from store and they have right to check the material at any time without providing advance information to store staff. This surprise checking through continuous stock verification makes store staff more responsible for duty. There are also other benefits of continuous stock like it will make store keeper more sober and moral to do the duty. He knows that the store is also controlled by experts. He tries to best to reduce all inherent shortcomings.
One New Reason of Financial Crisis
Recently, the youtube frnksng from United States user has posted comment on my video of financial crisis and its reason.
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