Difference Between Bin Card And Store Ledger

Accounting , Business
Introduction

A document prepared by a storekeeper that records the quantity movement(receipt, issue and remaining balance) of material is called bin card or stock card. On the other hand, store ledger or subsidiary ledger refers to the document or record prepared by  cost accountant that shows both quantitative (number value) and qualitative (monetary value) movement of materials and supplies.

Difference Between Bin Card And Store Ledger

The main dissimilarities or difference between bin card and store ledger can be highlighted as follows:

1. Meaning

Bin Card: It is a stock record that contains quantitative movement (receipt, issue and balance) of materials.
Store Ledger: It is a document that contains both quantitative and qualitative (monetary value) movement of materials.

2. Also Called

Bin Card: It is also called 'stock card'
Store Ledger: It is also called 'subsidiary ledger'

3. What Is It?

Bin Card: It is a rough recording of materials movement.
Store Ledger: It is detail and up to date recording of material movement.

4. Recording Of

Bin Card: It records the quantity or volume of materials such as how much materials received, how much issued and how much remained in the stock
Store Ledger: It records the quantity (volume) and monetary value of stock received, issued and remained.

5. Prepared By

Bin Card: It is prepared and maintained by store department and storekeeper is a responsible person.
Store Ledger: It is prepared and maintained by accounting department and cost accountant is a responsible person.

6. Skill And Knowledge

Bin Card: No special knowledge or skill is required to maintained bin card.
Store Ledger: Some accounting knowledge and skill is required to maintain store ledger.

7. Interdepartmental Transaction

Bin Card: It does not record interdepartmental transactions.
Store Ledger: It shows interdepartmental transactions.
difference-between-bin-card-store-ledger


8. Posting/Entries

Bin Card: Posting or entries are done before transaction.
Store Ledger: All entries are made after transactions.

9. Individual Transaction

Bin Card: It shows each and every transaction because it is updated after each transaction.
Store Ledger: It does not record individual transaction because it is updated periodically.

10. Place

Bin Card: It is maintained and placed in the store.
Store Ledger: It is maintained and placed in accounting department.

Bin Card Vs Store Ledger (Comparison Chart)

Basis
Bin Card
Store Ledger
Introduction
Quantitative recording of the movement of stock
Both quantitative and qualitative recording of movement of stock
Known As
Stock Card
Subsidiary Ledger
Recording Of
Quantity of stock received, issued and remained
quantity (volume) and monetary value of stock received, issued and remained 
Prepared By
Store Department
Accounting Department
Knowledge/Skills
Not Required
Required
Nature Of Record
Rough
Up-to-date
Interdepartmental Transaction
Not recorded
Recorded
Entries Made
Before Transaction
After Transaction
Individual Transaction
Yes 
No
Placed/Kept
In the store
In accounting department

Distinction Between Bin Card And Store Ledger In Short

- Bin card is a quantitative recording of the movement of materials. But store ledger records both quantity and values of materials.
- Bin card is a rough record of materials movement. On the other hand, store ledger is a detail accounting record.
- Bin card records individual transactions. In contrast, store ledger records summarized transactions.
- Bin card is prepared by the storekeeper. Store ledger is prepared by the costing department.
- Bin card avoids interdepartmental transactions. But Store ledger records such transactions also.

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Difference Between Import And Export

Business , Marketing
Introduction

Import is a process of purchasing goods or services from other countries to fulfill domestic requirements. On the contrary, export refers to selling of goods or services to foreign countries to expand global market share.

Difference Between Import And Export 

The main dissimilarities or difference between import and export can be highlighted as follows:

1. Meaning

Import: Buying goods or services from foreign countries to fulfill the demand of home country.
Export: Selling goods or services to foreign countries for the purpose of global exposure.

2. Purpose

Import: Purpose of import is to supply goods and services in the domestic market which are not produced or available in the country.
Export: Purpose of export is to supply goods and services to earn foreign income and to expand global market share.

3. Impact

Import: High import creates trade loss which adversely impact the economy
Export: High export creates trade surplus which is good for the economy.
difference-import-export


4. Beneficial For

Import: It is beneficial for the foreign country
Export: It is beneficial for home country because foreign currency is earned.

Import Vs Export (Comparison Chart)
Basis
Import
Export
Introduction
Buying commodities from foreign countries
Selling commodities to foreign countries
Purpose
To fulfill the demand of domestic market 
To expand global market share
Impact
High import creates negative impact
High export creates positive impact
Beneficial For
Foreign country
Home country

Distinction Between Import And Export In Short

- Import means purchasing goods/services from foreign countries to fulfill the demand of home country. On the other hand, export is a process of selling commodities to the other countries to increase the global market share.
- Import refers to buying of commodities. Export refers to selling of commodities.
- High import increases the trade deficit. But high export improves the trade surplus of the country.
- Import creates negative impact on country's GDP. Conversely, high export creates positive impact on the GDP of the country.
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Difference Between Industry And Market

Business , Marketing
Introduction

Industry refers to the group of firms that produce similar or identical products. For example, film industry, tourism industry, food industry etc. On the other hand, market refers to a place that facilitates buyers and sellers to perform economic activities (buying and selling of goods and services). 

Difference Between Industry And Market

The main dissimilarities or difference between industry and market can be studied as follows:

1. Meaning
Industry: It is a group of producers or companies that manufacture similar types of products.
Market: A place that offers varieties of products and services to the customers. It is a sum total of vendors and shoppers.

2. Types Of Goods

Industry: It deals with or produces similar or substitute goods only
Market: It deals with different varieties of goods and services

3. Physical Existence

Industry: Industries or manufacturing companies exist physically in a certain location.
Market: Market may exist physically like vegetable market, grocery shop, supermarket etc. and virtually like internet marketing and online shopping.

4. Competition

Industry: Competition exists among the producers
Market: Competition exists between different sellers and buyers.
difference-industry-market


5. Related To

Industry: It is related to production of goods
Market: It is related to exchange of goods and services

6. Technological Effect

Industry: It is highly affected by the change in technology
Market: It is less affected by the change in technology.

Industry Vs Market (Comparison Chart)

Basis

Industry
Market
Introduction

Group of manufacturing companies
Place that offers goods and services to the final customers
Types Of Goods

Similar type
Various types
Physical Existence

Yes
May or may not be
Competition

Between producers
Between sellers and buyers
Related To

Production 
Sellers and buyers
Technological Effect

High
Less

Distinction Between Industry And Market In Short

- Industry is a collection of firms that offer particular types of products or services. But market is a place that offer varieties of products /services to the buyers.
- Industry is related to production of similar types of goods. Market is related to selling of different types of goods/services.
- There is high technological effect in industry. But market is less affected by technological changes.
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Difference Between Packing And Packaging

Business , Marketing
Packing refers to the process of covering up, wrapping, binding, sealing etc. to ensure the safety of products or supplies.It helps to prevent products from breakage, leakage, spoilage, damage etc. On the contrary, packaging refers to the process of making appealing appearance and design of the products to attract the customers. It includes labeling and providing brand identity.

Difference Between Packing And Packaging

The main dissimilarities or difference between packing and packaging can be studied as follows:

1. Introduction

Packing: It is an act of  binding, wrapping or keeping products in box, sack, cane, bottle or bag to provide proper protection.
Packaging: It is an act of keeping product in attractive way with proper labeling which helps to identify the brand and promotes sales promotion.

2. Functions

Packing: Binding, wrapping and proper storing are the major functions of packing commodities.
Packaging: Attractive designing of wrapper (box, container, sacks, bottle etc.) and labeling are the main functions of packaging.

3. Focus On

Packing: It gives focus on the protection of product.
Packaging: It gives focus on brand identity and sales promotion.
difference-packing-packaging


4. Purpose/Objective

Packing: The main purpose of packing is to avoid damage, leakage and pilferage of goods.
Packaging: The main purpose of packaging is to ensure good packaging and make products ready for sale.

5. Before/After

Packing: It is done before packaging.
Packaging: It is done after packing.

Packing Vs Packaging (Comparison Chart)

Basis
Packing
Packaging
Introduction
Process of binding or wrapping products in box, sacks, container etc.
Process of keeping products attractive with proper labeling in order to attract customer
Functions
Wrapping, binding and storing
Wrapper designing and labeling
Focus On
Product protection
Sales promotion
Objective
Avoiding damage, leakage and pilferage
Making products ready for sale
Before/After
Before packaging
After packing

Distinction Between Packing And Packaging In Short

- Packing is an act of building box, wrappers, cans, containers etc. to keep products or supplies safely. But packaging is an act of keeping goods with attractive design and proper labels to attract customers.
- Packing avoids leakage, breakage and damage of products. Packaging makes products ready for sale by providing appealing design and brand identity.
- Packing function is performed before packaging. Packaging is done only after packing.
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Difference Between Errors Of Omission And Errors Of Commission

Accounting , Business
Errors of omission refer to those types of accounting errors where transactions omitted (not recorded in journal and ledger accounts) either partially or completely. These errors can be easily rectified by correcting the entry. On the other hand, errors of commission are those errors where transactions are recorded incorrectly in the books of accounts. These errors can be corrected by making rectification entries (debiting or crediting wrong entry and correcting the account).

Difference Between Errors Of Omission And Errors Of Commission

The main dissimilarities between errors of omission and errors of commission can be highlighted as follows:

1. Introduction

Errors Of Omission: A kind of accounting error in which financial transaction is not recorded in the books of accounts either partially or whole.
Errors Of Commission: A kind of accounting error in which financial transaction is misrecorded (incorrect record) in the books of accounts.

2. Types

Errors Of Omission: Either transaction is partially omitted(not recorded) or completely omitted.
Errors Of Commission: Transaction recorded in the wrong book, recording of wrong amount, wrong totaling of accounts, balancing errors and carrying forward errors.

3. Reasons Of Error

Errors Of Omission: This type of error is committed due to the mistake of bookkeeper or accountant.
Errors Of Commission: This error is committed because of the lack of accounting knowledge or negligence of accounting staff.

4. Effects On Trial Balance

Errors Of Omission: If the transaction is completely missed , then trial balance will not be affected, but in case of partial recording of transaction, trial balance will be affected.
Errors Of Commission: Trial balance may or may not be affected due to this error.
difference-errors-omission-errors-commission


5. Worse

Errors Of Omission: It is not worse than the errors of commission because it is just an unintentional mistake of accounting personnel.
Errors Of Commission: It is significantly worse because it shows carelessness, negligence and incompetency of accounting staff. 

Errors Of Omission Vs Errors Of Commission (Comparison Chart)

Basis
Errors Of Omission
Errors Of Commission
Introduction
Not recording financial transactions in the books of accounts either partially or whole
Incorrect recording of financial transactions in the books of accounts
Types
Transaction is partially or fully omitted
Transaction recorded in the wrong book, wrong amount is recorded, wrong totaling etc.
Reasons
Mistake Of Bookkeeper
carelessness and incompetency of staff 
Effect On Trial Balance
Trial balance will be affected in case of partial recording 
Trial balance may or may not be affected
Worse
Less
More

Distinction Between Errors Of Omission And Errors Of Commission In Short

- Errors of omission are the accounting errors which are either partially or completely skipped from recording in the books of accounts. Errors or commission are those errors where bookkeeper makes wrong entry (recorded incorrectly) in the books of accounts.
- Error of omission is an unintentional mistake. But error of commission occurs due to the incompetency of the accounting personnel.
- Errors of commission are worse than the errors of omission.
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