COST ACCOUNTING
INTRODUCTION TO COST ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Quantitative as well as value wise records of material received, issued and balance;
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Quantitative record of material received, issued and balance
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Value wise records of material received, issued and balance
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a record of labour attendance
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Detailed explanation-1: -Stores Ledger is a quantitative as well as value wise records of material received, issued and balance. A stores ledger is a manual or computer record of the raw materials and production supplies stored in a production facility. It is maintained by the person responsible for these assets, such as the warehouse manager.
Detailed explanation-2: -noun. : a perpetual inventory record especially of raw materials and manufacturing supplies.
Detailed explanation-3: -Conversely, Stores Ledger is a ledger account (accounting record), that maintains the record of the transit of goods in and out, the stores, both in quantitative and monetary terms.
Detailed explanation-4: -The materials ledger card is also known as the store ledger card. It provides a continuous record of materials received and issued, as well as the balance of materials, at any time, both in terms of quantity and value.
Detailed explanation-5: -FEATURES OF STORESLEDGERIt is subsidiary ledger to the cost ledger.It is an accounting record of the inventory. It is maintained by cost accounting department. Store Ledger is updated periodically.It records inter-departmental transfer. The summary of transactions is recorded in this.