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Financial Accounting Concepts
What is the Definition of Revenue in Accounting?
In accounting, revenue is defined as the total value of all money and other assets received by a company over a period of time. This can include money received
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Money and Investment
What is Simple Interest in Interest Calculation?
Regarding interest calculation, there are two types of interest: simple interest and compound interest. In this blog post, we’ll be discussing simple inte
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Money and Investment
What is Compound Interest in Interest Calculation?
Compound interest is a concept in interest calculation that involves earning interest not only on the initial amount of money or principal but also on any previ
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Cost Accounting
What is Idle Time in Cost Accounting
In cost accounting, idle time is when a production resource is available but not used. Idle time can occur for several reasons, such as when a production line i
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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