A bin card, also known as a store card, is used in inventory management to track the receipts, issues, and balances of individual stock items. This card is attached to each bin or storage location to record inventory movement and maintain an accurate balance.
An accounting system that maintains cost accounting and financial accounting information separately, regularly reconciling the two by use of control accounts.
Reconciliation is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. It is used to ensure the accuracy and consistency of financial records.
A statement that provides a reconciliation of the beginning and ending balances in the retained earnings account on a company's balance sheet.
The Statement of Changes in Equity (SOCE) is a financial document that outlines the changes in shareholders' equity over a reporting period. It highlights changes due to transactions with owners, profits, losses, and other comprehensive income.
