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Importance Of Effective Stock Control In An Organisation
CHAPTER ONE -- [Total Page(s) 4]
Page 4 of 4
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1.9 DEFINITION OF TERMS
1.
BIN CARD: This is the card used by the storekeeper to record the
movement of stock. It shows the description code number, re-order level,
re-order quantity and balance of stocks on hand.
2. CREDIT: A
bookkeeping entry recording the reduction or elimination of an assets or
an expenses or the creation of addition to a liability or item of net
work or revenue account, amount so recorded.
3. GOODS RECEIVED NOTE
(GRN): This shows the date, name, purchase order number quantity and
description of the goods, their condition on arrival and details of
returnable packing material and it is signed by the checker.
4. IDLE
TIME: Lost time of men or machine arising from lack of business or of
material, breakdown of equipment, faulty supervision, or other similar
cause whether or not other avoidable. In the distribution of labour and
production centre cost, it is often accounted for in a separate
operating expenses account and regarded as an item of overhead.
5. ORDER: To request for something to be bought made in return for payment.
6. QUEUE TIME: The amount of time that the job spends waiting to be worked on
7. SUPERVISOR: A person who keeps watch over the work and workers of a company
8. TOP MANAGEMENT: This includes the executive directors, departmental managers and so on.
9.
STOCK CONTROL: This is a means by which material of the correct
quantity and quality is made available as and when required with due
regard to economy in storage and ordering costs, purchase prices and
working capital.
10. STORES: This is an area in an organization where
various kinds of materials needed for production, distribution,
maintenance, packaging and general administration etc are received in,
stored and issued out.
11. ECONOMIC ORDER QUANTITY (EOQ): This is the
optimal order or batch quantity for an item of stock which will
minimize inventory total costs.
CHAPTER ONE -- [Total Page(s) 4]
Page 4 of 4
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ABSRACT - [ Total Page(s): 1 ]Importance of effective stock control is the activities of receipts and issues of the materials to be controlled. The study therefore started by introducing the theme of the project work, “importance of effective stock control in an organization†(A case study of eastern shop supermarket, Enugu).The researcher discussed the purpose, significance and limitations of the study in chapter one. In chapter two, the researcher discussed fully the historical background of the company in ques ... Continue reading---
