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Cost Accounting
What is Labour Turnover in Cost Accounting?
Labour turnover is a crucial metric in cost accounting that measures the rate at which employees leave a company and are replaced by new employees. A high rate
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Financial Accounting Concepts
What is Bin Card in Cost Accounting?
In cost accounting, bin cards are physical or electronic records used to track inventory levels in a stockroom, warehouse, or another storage facility. The card
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Financial Accounting Concepts
What is the Difference Between Cost and Financial Accounting?
Financial accounting and cost accounting are two different types of accounting that are used to track and report the financial performance of a business. While
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Cost Accounting
What is a Cost Centre in Costing?
A cost centre is a department or function within an organisation for which costs are incurred. Cost centres are typically grouped together by function, such as
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Cost Accounting
What is Abnormal Loss in Cost Accounting?
An abnormal loss is a cost accounting term that refers to a situation where the expected output of a production process is not achieved due to factors beyond th
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Financial Accounting Concepts
What is the Owner’s Capital in Accounting?
In accounting, the owner’s capital refers to the owners’ equity in the business. This can be calculated by subtracting the liabilities from the asse
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Financial Accounting Concepts
What is Working Capital? Why is it Necessary for Businesses?
Working capital refers to the difference between a company’s current assets and current liabilities, where current assets include cash, accounts receivabl
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Cost Accounting
What is Cost Accounting? Definition and Objectives
Cost Accounting is a term used in management accounting to track and analyze the costs incurred in the production process of goods or services. It involves coll
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Financial Accounting Concepts
What is the Impact of Big Data on the Accounting Profession?
Big data has had far-reaching effects on the accounting industry, and these effects are probably not exclusive to accounting. As with so many other aspects of B
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Financial Accounting Concepts
Why internal control is necessary for accounting system
Internal control procedures in accounting are the policies and procedures implemented by a company to ensure the reliability of financial reporting, safeguard a
