Stores Accounts Office Overview
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What should not be adjusted for under or over charges in the Stock Adjustment Account?

  • Sums not exceeding one rupee (correct)
  • Sums clearly documented
  • Sums exceeding one rupee
  • Sums involving multiple transactions

    • Who is responsible for maintaining the price list current at least once a week?

  • The Controller of Stores
  • A designated clerk (correct)
  • The Stores Accounts Officer
  • The Computer Section

    • After posting each day's transactions, what must the Computer Section do with the vouchers?

  • Destroy them immediately
  • Forward them to the Priced Ledger Section (correct)
  • Send them to the Controller of Stores
  • Make copies for future reference

    • In reference to Stock Adjustment Vouchers, what does the form require detailing?

    <p>Surplus and deficit amounts</p> Signup and view all the answers

    What is the purpose of the Stock Adjustment Voucher?

    <p>To adjust money values against specific stock accounts</p> Signup and view all the answers

    What is one of the primary responsibilities of the Stores Accounts Officer?

    <p>Maintaining a distinct set of audit registers and books.</p> Signup and view all the answers

    Which of the following tasks is part of the maintenance of priced ledgers in Group A?

    <p>Opening and closing priced ledgers as advised by the Depot Officer.</p> Signup and view all the answers

    What is the role of the Stores Accounts Officer in relation to the Chief Accounts Officer?

    <p>To ensure efficient working of his branch and conduct independent audits.</p> Signup and view all the answers

    In the context of liabilities, what is maintained to guard against double payments or omissions?

    <p>Accounts registers.</p> Signup and view all the answers

    What type of scrutiny is performed in Group B regarding vouchers?

    <p>Scrutinizing unmatched vouchers and those causing irregular balance items.</p> Signup and view all the answers

    What does the Stores Accounts Officer assist the Controller of Stores with?

    <p>Compiling stores transactions and providing related information.</p> Signup and view all the answers

    What is one of the activities listed under the responsibility of Group C?

    <p>Revision of rate and review of priced ledgers.</p> Signup and view all the answers

    Which of the following is NOT a requirement for the security of vouchers?

    <p>Vouchers must be aligned with the Forwarding Memo arrangement.</p> Signup and view all the answers

    What should be included on the vouchers regarding quantities?

    <p>Quantities issued must be indicated in both words and numbers.</p> Signup and view all the answers

    When examining receipts, what timing aspect is crucial to verify?

    <p>There should be no delay between receipt and accountal.</p> Signup and view all the answers

    Which of the following is a common requirement for issuing vouchers in regard to extra charges?

    <p>Extra charges should be outlined precisely.</p> Signup and view all the answers

    What should be included in receipts when the ordering unit differs from the accounting unit?

    <p>Both units must be shown clearly.</p> Signup and view all the answers

    Which statement about Sale Issue Notes is accurate?

    <p>Sale values must match the Sale order exactly.</p> Signup and view all the answers

    What must be referenced on vouchers when issues have been made?

    <p>Details of requisitions.</p> Signup and view all the answers

    How should receipts and issues of stores be priced?

    <p>At predetermined rates or rates shown on vouchers.</p> Signup and view all the answers

    What requirement exists for stating reasons in Advice Notes and Book Transfers?

    <p>Reasons must be clearly stated when required.</p> Signup and view all the answers

    What is the primary requirement for the planning and allocation of operations mentioned in paragraph 2506?

    <p>To ensure the accuracy and timely completion of work</p> Signup and view all the answers

    What does each voucher represent according to paragraph 2508?

    <p>A physical receipt or issue of stock</p> Signup and view all the answers

    What is the consequence of a dispute over stock quantities as per the exceptions outlined?

    <p>The quantity is recorded as in stock pending dispute resolution</p> Signup and view all the answers

    What is the deadline for submitting vouchers to the Stores Accounts Office if there is no holiday?

    <p>By the morning of the third day of the month</p> Signup and view all the answers

    What action should be taken if vouchers are found to be missing or cancelled as stated in paragraph 2511?

    <p>A search should be conducted for the missing vouchers</p> Signup and view all the answers

    How should the Accounts Office verify the received vouchers according to the process in paragraph 2510?

    <p>By matching them with the Forwarding Memo</p> Signup and view all the answers

    What should accompany the vouchers when they are submitted to the Stores Accounts Office?

    <p>A Forwarding Memo (S. 1256)</p> Signup and view all the answers

    What is the role of the Data Centre in the handling of vouchers per the outlined procedure?

    <p>To bundle vouchers based on a laid down program</p> Signup and view all the answers

    What should happen to vouchers if they cannot be located immediately after being reported missing?

    <p>A note should be kept in a register and pursued later</p> Signup and view all the answers

    What should be verified before closing the ledgers?

    <p>No irregular balances or outstanding purchase orders exist.</p> Signup and view all the answers

    What is the responsibility of the Accounts Office before sending vouchers for posting?

    <p>To confirm that vouchers pertain to the correct depot, group, and month.</p> Signup and view all the answers

    What is one key aspect of maintaining priced ledgers?

    <p>They should be maintained neatly and in proper order.</p> Signup and view all the answers

    When should an item in a return be sent for punching?

    <p>When the nomenclature and price list number match.</p> Signup and view all the answers

    What is the role of the Computer Centre in the closure of items?

    <p>To ensure that all closure advices are executed after checks.</p> Signup and view all the answers

    What should be included in the list sent to the Depot Officer after deletions?

    <p>A list of items deleted from the computer files.</p> Signup and view all the answers

    What should be distinctly written in the vouchers during posting?

    <p>Prices and quantities within prescribed spaces.</p> Signup and view all the answers

    Why is it important to avoid errors in priced ledgers?

    <p>To ensure accurate inventory and financial records.</p> Signup and view all the answers

    What happens if an item does not match the nomenclature in the priced ledgers?

    <p>The item should not be sent for punching.</p> Signup and view all the answers

    What is the first step that should be taken before the ledgers are closed?

    <p>Check for irregular balances and outstanding orders.</p> Signup and view all the answers

    What is the primary function of the liability registers for stock items?

    <p>To document orders placed and track the liquidation of liabilities</p> Signup and view all the answers

    What task is specifically assigned to Group A in maintaining priced ledgers?

    <p>Opening and closing priced ledgers under supervision</p> Signup and view all the answers

    In performing audits, what independent responsibility does the Stores Accounts Officer have?

    <p>Conducting a complete audit of all stores transactions</p> Signup and view all the answers

    Which task falls under the scrutiny responsibilities of Group B?

    <p>Elimination of abnormalities in printed ledgers</p> Signup and view all the answers

    How does the Stores Accounts Officer assist the Controller of Stores?

    <p>By providing information on compilation of stores transactions</p> Signup and view all the answers

    What is a critical element of maintaining the liability registers?

    <p>To document liabilities as orders are placed with suppliers</p> Signup and view all the answers

    Which of the following is a duty of the Data Centre regarding priced ledgers?

    <p>Maintaining the accuracy of transactions inputted</p> Signup and view all the answers

    What must be checked against the values shown on a voucher before posting?

    <p>The prices on the supplied items</p> Signup and view all the answers

    Which element is NOT included in the calculation of the receipt value for imported items?

    <p>Supplier discounts</p> Signup and view all the answers

    What should be done with the periodical summaries of issues against depots?

    <p>Handed over to the Receiving Depot staff</p> Signup and view all the answers

    When predetermined rates are unavailable for manufactured items, what should be indicated on the vouchers?

    <p>The estimated rate obtained</p> Signup and view all the answers

    What additional information must the Receipt Order for imported items detail?

    <p>All applicable charges such as customs duty</p> Signup and view all the answers

    What must supervisors do with the remarks on Part V of the Receipt Note?

    <p>Ensure consistency with Part IV and previous summaries</p> Signup and view all the answers

    What role does the Computer Centre play after receiving vouchers for posting?

    <p>Prepares the unified class ledgers</p> Signup and view all the answers

    According to the outlined process, what timing aspect is critical to verify when examining receipts?

    <p>Date of accountal in priced ledgers</p> Signup and view all the answers

    What type of rate must be adopted for valuing returned stores according to the advice notes?

    <p>Pre-determined credit rates</p> Signup and view all the answers

    What should be prepared by the Computer Centre for reviewing store items?

    <p>A statement of the total value, actual book value, and differences</p> Signup and view all the answers

    Which of the following practices is essential for effective review work according to the provided content?

    <p>Creating a proper program for conducting reviews systematically</p> Signup and view all the answers

    What is the maximum difference value that allows for general scrutiny without extensive investigation?

    <p>Rs. 200</p> Signup and view all the answers

    What is the frequency with which the Section Officer is required to scrutinize irregularities pointed out by the Computer Centre?

    <p>Every six months</p> Signup and view all the answers

    What must be recorded separately by a gazetted officer during the review process?

    <p>Irregularities noticed by reviewers</p> Signup and view all the answers

    What is the purpose of reviewing stock with references to maxima and minima during stock verification?

    <p>To assess alignment with historical consumption patterns.</p> Signup and view all the answers

    What are the priced ledgers required to be maintained according to the rules stated?

    <p>Month-wise and Ward and Group wise.</p> Signup and view all the answers

    In the context of stock management, what is not a consideration for the Accounts Stock Verifiers when reviewing stock?

    <p>Monthly sales performance.</p> Signup and view all the answers

    Which statement accurately describes the process for dealing with priced ledgers once they are printed?

    <p>They are bound and stored month-wise and by Ward and Group.</p> Signup and view all the answers

    What is a key piece of information that may need verification during stock verifications as per guidelines?

    <p>Statistics of monthly and annual consumption.</p> Signup and view all the answers

    What role does the Computer Centre play in maintaining priced ledgers?

    <p>They bind and file the ledgers after each month.</p> Signup and view all the answers

    What specific action is required if excess maxima or minima stocks are identified during a review?

    <p>A report needs to be filed with the Stores Accounts Officer.</p> Signup and view all the answers

    Why is it important to maintain a list of priced ledgers opened and closed each month?

    <p>To ensure accurate record-keeping and accountability.</p> Signup and view all the answers

    What action should be prioritized if maxima and minima levels seem excessive during stock verification?

    <p>Conducting a deeper analysis of stock turnover rates.</p> Signup and view all the answers

    What happens when undercharges or overcharges are less than Rs. 200?

    <p>They can be adjusted directly to the Stock Adjustment Account.</p> Signup and view all the answers

    What is required to be detailed on the undercharge or overcharge return form S. 2547-A and S. 2547-B?

    <p>Class and price list number.</p> Signup and view all the answers

    How should undercharges and overcharges affecting average rates be handled?

    <p>Merged automatically in the average rates for subsequent issues.</p> Signup and view all the answers

    What documentation is prepared for adjusting wrong rates or values when issuing or receiving transactions?

    <p>Undercharge and overcharge return forms.</p> Signup and view all the answers

    What action should be taken for undercharges or overcharges exceeding Rs. 200?

    <p>Posted as ordinary receipts in the priced ledgers.</p> Signup and view all the answers

    Which element is NOT included in the details needed for undercharge or overcharge returns?

    <p>Detailed supplier contact information.</p> Signup and view all the answers

    What should be done if there is insufficient stock to adjust undercharges or overcharges?

    <p>Adjust against the Stock Adjustment Account.</p> Signup and view all the answers

    What must a voucher contain regarding the original transaction?

    <p>Original voucher number and date.</p> Signup and view all the answers

    How should errors in receipt transactions be adjusted?

    <p>Through the undercharge or overcharge return forms.</p> Signup and view all the answers

    What specific aspect of transaction adjustments does the Stock Adjustment Account show?

    <p>Debits and credits separately.</p> Signup and view all the answers

    Study Notes

    Stores Accounts Office

    • Located preferably near the Controller of Stores office
    • Local units may be attached to important depots
    • Deals with depot store accounting, including:
      • Issue of periodic/monthly summaries (debits/credits)
      • Stock verification
      • Monthly statements of store transactions
      • Reconciliation of priced ledgers with general books

    Functions of Stores Accounts Office

    • Checks initial receipt/issue documents, adjusting values in railway books
    • Compiles store accounts, preparing returns for Controller of Stores, General Manager, and Railway Board
    • Verifies depot and line stock annually or as prescribed

    Work Involved in Initial Voucher Checks

    • Maintains priced ledgers, reconciling balances with general books monthly
    • Arranges store cost recovery (including incidentals), whether in cash or book adjustments
    • Arranges liability discharge associated with store receipts, whether in cash or book adjustments
    • Maintains asset/liability registers for accurate record-keeping and preventing overpayments/omissions

    Stores Accounts Officer Duties

    • Responsible for efficient branch operations, reporting to Chief Accounts Officer
    • Conducts complete, independent audits of all store transactions
    • Maintains separate sets of audit registers/books
    • Advises Controller of Stores (including deputies/depot officers in local offices) on all store account/finance matters
    • Assists with store transaction compilation, including book rates, consumption, and balance information

    Priced Ledger Operations (Group A)

    • Receipts and checking of vouchers, forwarding to Data Centre
    • Periodic listing of transactions, forwarding to Data Centre
    • Opening/closing priced ledgers, per Depot Officer instructions, after verification
    • Checking of punched data, per data processing procedures
    • Accurate and timely maintenance by EDP Centre

    Priced Ledger Operations (Group B)

    • Scrutiny of all unmatched vouchers and those causing irregular balances.
    • Clearing those unmatched/irregular vouchers

    Priced Ledger Operations (Group C)

    • Revision of rates
    • Review of priced ledgers

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    Related Documents

    Store Department Code Vol-2, Ch-25 PDF

    Description

    This quiz provides an overview of the Stores Accounts Office, focusing on its functions and responsibilities in depot store accounting. It covers aspects such as periodic summaries, stock verification, and voucher checks, essential for maintaining accurate records. Test your knowledge on the critical tasks performed by the Stores Accounts Office.

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