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Financial Accounting Concepts
What is a Bank Reconciliation Statement?
Bank Reconciliation Statement A bank reconciliation statement is a document that reconciles the balances of a bank’s checking account with the bank’
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Financial Accounting Concepts
What is Del Credere Commission?
Del credere commission is a type of commission paid to a buyer’s agent or a commission agency in exchange for taking on the buyer’s credit risk. It
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Financial Accounting Concepts
Advantages and Disadvantages of Perpetual Inventory System
A perpetual inventory system automatically records and updates the inventory account whenever inventory is sold or purchased. You can think of this as “re
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Financial Management
What is a Hedge Fund – Meaning and Purpose
Hedge funds have long been a topic of intrigue and curiosity for many investors and financial enthusiasts. These investment vehicles, known for their complex st
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Cost Accounting
What are the Advantages of Cost Audit?
A cost Audit is an important part of a company’s financial and risk management. The main purpose of this cost audit is to help the company to save money by fixi
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Financial Accounting Concepts
What is the Cost of Goods Sold? Definition | Formula
Cost of Goods Sold (COGS) is a financial metric representing the cost of the products or services a company sells during a given period. It is an important expe
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Cost Accounting
What are the Objectives of Target Costing?
Target Costing is a strategic pricing technique used by businesses in which the desired selling price of a product is set, and then the costs associated with ma
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Financial Accounting Concepts
Causes of disagreement in the Cash Book and Pass Book
1. (a) What is a Bank Reconciliation Statement? Explain the causes of disagreement in the balances shown by the Cash Book and Pass Book. (10) Solution: BANK REC
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Financial Accounting Concepts
What is a Promissory Note?
A promissory note is a written agreement, often referred to as a “note payable” or “IOU” (I owe you), in which one party (the maker) pro
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Financial Accounting Concepts
What are sundry expenses?
Sundry expenses refer to all those small, miscellaneous expenses that businesses incur during their operations but don’t fall under any specific category.