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Cost Accounting
Differences between standard cost and standard costing
The standard cost is the amount anticipated to be paid for materials or labour. The standard quantity is the estimated amount of materials or labour used. It is
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Cost Accounting
What is variance analysis and its usefulness?
Variance refers to the difference between the standard and actual variables. For example, you can calculate the selling price variance to find the difference be
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Financial Accounting Concepts
Difference Between Secured and Unsecured Loans
Loans are an essential type of fund for most business organisations. Businesses of all natures and sizes take loans to meet the financial needs of the organisat
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Financial Accounting Concepts
What is the Meaning and Scope of Accounting
Accounting is a fundamental aspect of any business, big or small. It involves the recording, analysis, and interpretation of financial information to make infor
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Financial Management
What is the Time Value of Money?
The Time Value of Money (TVM) is a fundamental principle in finance that states a dollar today is worth more than a dollar tomorrow. This is because money has t
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Financial Accounting Concepts
Methods of Preparing a Trial Balance
A trial balance is a listing of all the general ledger accounts in a company’s accounting system at a specific point in time. It shows the ending balances
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Financial Management
Spa Equipment Leasing as a Financial Business Solution
The beauty salon industry is on the rise as many individuals prefer to visit these places regularly to maintain their hairstyles, hair colouring, nails, etc. Mo
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Financial Accounting Concepts
What is Meant by Goodwill in Accounting?
Goodwill, within the context of accounting, is a somewhat intricate concept. From a conceptual standpoint, goodwill refers to the intangible value attached to a
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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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Financial Accounting Concepts
Treatment of Goodwill: IFRS v. US GAAP
When it comes to accounting principles, the treatment of goodwill can vary significantly between International Financial Reporting Standards (IFRS) and United S