-
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
-
Financial Accounting Concepts
What is the Double Entry System of Book-Keeping?
The Double Entry System of bookkeeping is an accounting method where every financial transaction is recorded in at least two accounts. In the double entry syste
-
Financial Accounting Concepts
What is Batch Costing? How is it Different From Job Costing?
Batch costing is a form of specific order costing in which costs are attributed to batches of products. A batch might also be called a ‘production run’. A batch
-
Financial Accounting Concepts
5 ways to improve liquidity ratios
Liquidity is the lifeblood of any organization, which can easily face its short-term obligations without a strain on finances. Liquidity ratios, like the curren
-
Cost Accounting
What is a Cost Plus Contract?
Cost plus contract, which is also known as a cost-reimbursement contract, pays a contractor for all permitted expenses up to a predetermined limit plus an addit
-
Financial Accounting Concepts
Write a note on accounting for payroll
Accounting for payroll is a fundamental aspect of managing human resources and ensuring accurate financial records. This procedure entails keeping track of all
-
Financial Accounting Concepts
Bank Overdraft as a Source of Finance
Bank overdraft is a common source of finance used by businesses, individuals and even governments to meet their short-term cash flow needs. An overdraft is esse
-
Cost Accounting
What is a Production Budget and Its Components?
A production budget is a financial plan that outlines the estimated costs associated with creating and delivering a product or service. The production budget se
-
Cost Accounting
Difference between Spoilage and Defectives in Cost Accounting
In cost accounting, spoilage and defectives refer to different types of quality issues that arise during the production process. While both terms indicate a dev
-
Cost Accounting
A Short Note on the LIFO Method of Inventory Valuation
The LIFO method, or last-in, first-out, is one of the most popular and widely used inventory valuation methods in cost accounting. Under this approach, the cost