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Cost Accounting
What is a Cost Centre in Costing? Purpose and Benefits
Cost centres refer to specific divisions and departments, that are responsible for managing their own expenses and can have costs assigned to them. In cost acco
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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 showing the liquidity strength of a company. Here curr
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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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Accounting Tools and Software
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
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Cost Accounting
Pros and Cons of the Traditional Method of Calculating Overhead
Calculating overhead is an essential part of determining the true cost of goods and services in a business. Overhead costs are indirect costs, such as rent, uti
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Financial Management
What are different types of annuities
Annuities are financial instruments that guarantee a regular income stream, normally utilized for retirement planning. They are provided by insurance firms and
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Financial Management
Treasury Bills and Commercial Paper Explained
Treasury bills, or T-bills, are short-term financial securities issued by both the federal and provincial governments having maturities of up to one year. Treas