MUSINGS

  Store keeping is the task of maintaining safe custody of all items of supplies, raw materials, finished parts, purchased parts, and other items. These items are held in a storeroom for which a storekeeper acts as a trustee. As such, storekeeping can be defined as process of receiving and distributing stores or supplies. n the words of Wheldon, “storekeeping is the physical storage of materials carried into the store-room in a scientific and systematic manner with a view to   (i)  saving them from all kinds of damages and  losses , and  (ii) exercising overall control over their movement.” In short, storekeeping refers to the art of preserving raw materials, work-in-progress, and finished parts in the stores in the best possible manner. Generally, in small businesses, storekeeping is a minor task. However, it is always worth remembering that careless handling of materials, material pilferage, and deterioration of materials can lead to reduced profits and even l...

 (1) Simple Average Method:  Under this method, price of issue materials is determined by dividing the total of the prices of the materials in stock, i.e., adding of different prices by the number of different prices. Then, this average price is applied to the issues to production. This method is simple and easy to operate. The value of closing stock becomes unrealistic. Issue Price = (Total of Unit Prices of Materials in Stock)/ Number of Prices From the following prepare stores ledger account using Simple Average Method for the month of January 2022:  January 1 Opening balance 500 units at Rs. 2 per unit  3 Issued 100 units 4 Issued 100 units  8 Issued 100 units  13 Purchased 400 units at Rs. 3 per unit  14 Purchased 200 units at Re. 1 per unit  16 Issued 150 units  20 Purchased 400 units at Rs. 4 Per unit  24 Issued 250 units  25 Purchased 500 units at Rs. 5 per unit  26 Issued 300 units  28 Purchased 200 units at Rs. 2...

  There are many ways to communicate with people. The two main ways are verbal and nonverbal communication.  Verbal Communication Verbal communication is the use of words to convey a message. Some forms of verbal communication are written and oral communication.  Examples of Written Communication:  Letters Texting Emails Books Examples of Oral Communication:  Face-to-face conversations Speech Host on a Radio  Interviews There are a large number of different verbal communication skills. They range from the obvious (being able to speak clearly, or listening, for example), to the more subtle (such as reflecting and clarifying). This page provides a summary of these skills, and shows where you can find out more. It is important to remember that effective verbal communication cannot be fully isolated from  non-verbal communication :  your body language, tone of voice, and facial expressions, for example. Clarity of speech, remaining...

  there are actually five types of communication: verbal, non-verbal, written, listening, and visual. VERBAL COMMUNICATION Verbal communication occurs when we engage in speaking with others. It can be face-to-face, over the telephone, via Skype or Zoom, etc. Some verbal engagements are informal, such as chatting with a friend over coffee or in the office kitchen, while others are more formal, such as a scheduled meeting. Regardless of the type, it is not just about the words, it is also about the caliber and complexity of those words, how we string those words together to create an overarching message, as well as the intonation (pitch, tone, cadence, etc.) used while speaking. And when occurring face-to-face, while the words are important, they cannot be separated from non-verbal communication. NON-VERBAL COMMUNICATION What we do while we speak often says more than the actual words. Non-verbal communication includes facial expressions, posture, eye contact, hand movements, and touc...

  The   economic order quantity  (EOQ) is the specific total order amount for a firm’s inventory that minimizes the total cost of   inventory management . That is to say, EOQ refers to the size of the order that gives the maximum economy when purchasing any material. It is the optimal standard ordering quantity. The EOQ is also commonly referred to as the  economic lot  quantity  or  economic buying quantity . EOQ: Explanation The concept of EOQ relates to the quantity of materials that a purchasing department aims to procure. The EOQ is the size of the order that yields the best economy when purchasing any material. To determine the optimal order quantity, an analysis is undertaken of the various  costs  associated with the order quantity. These costs are divided into two parts: Material acquisition costs Material carrying costs Material acquisition costs  arise on account of having to process an order. Part of the wages and operat...

 Communication is as old as Mankind itself. Early human beings started communicating or felt the need to communicate when they started living together, There was the need to communicate for food, danger against animals, nature etc. Initially this was conveyed through signs like hand imprints, giving way to guttural sounds and  cave paintings. This need became more complex as mankind developed slowly with the discovery of metal and then the wheel and then some language in the region where they settled in communities. Today communication is omnipresent. The average human being is seen to be communicating all the time, could be communicating to self, people around consciously or subconsciously, sometimes even unconsciously. Look around you, everyone of us, animals included are communicating. As an individual, we communicate keeping in mind the role that we are playing at that time. A parent or a child. Coaxing and cajoling, anger and threat, love and affection all are communicate...

  How to Value Inventory Inventory valuation is the cost associated with an entity's inventory at the end of a reporting period . It forms a key part of the cost of goods sold calculation, and can also be used as collateral for loans . This valuation appears as a current asset on the entity's balance sheet . The inventory valuation is based on the costs incurred by the entity to acquire the inventory, convert it into a condition that makes it ready for sale, and have it transported into the proper place for sale. Do not add any administrative or selling costs to the cost of inventory. The costs that can be included in an inventory valuation are: Direct labor Direct materials Factory overhead Freight in Handling Import duties Why Inventory Valuation is Important Inventory valuation is important for the following reasons: Impact on cost of goods sold . When a higher valuation is recorded for ending inventory, this leaves less expense to be charged to the cost of goods sold, ...