Question

To issue and running balance of certain items of stock in inventory, which of the following keeps a record of items?

• A. Bin cards
• B. Stock items
• C. Quantity account
• D. Value account

Hint:

Key differences to keep in mind for examinations: - Bin Card $\rightarrow$ Maintained by the Storekeeper, contains quantities only, kept in the physical warehouse. - Stores Ledger $\rightarrow$ Maintained by the Cost Clerk, contains both quantities and pricing values, kept in the accounting office.

Answer 1

The Correct Option is A

Whenever material is received into or issued out of a store, this movement has to be logged at the exact spot where the item is kept, that is on the shelf or bin. This location-level record, updated by the storekeeper each time stock moves, is called a bin card, and it shows only quantities received, issued and the running balance, without touching money values. A stores ledger does something similar but adds cost figures and is kept in the accounts office, not at the bin. Since the question asks specifically about tracking quantity and running balance right where the stock sits, the answer is bin cards, option 1.