Statement of Affairs
Shamsa Rafique Statement of Affairs method: Learning Objectives: Define and explain statement of affairs. What is the purpose of preparing a statement of affairs? Prepare the format of statement of affairs. …
Storage and Use of Materials
Abida Rehman Storage and Use of Materials: Materials, together with copy of the receiving report, or forwarded to the storeroom from the receiving or inspection department. The storekeeper and assistants are responsible…
Strong Culture Definition
Strong Culture Definition: Organizations in which the key values are intensely held and widely shared.
Purchases Returns Book
Sana Ahmed Purchases Returns Book: Definition and Explanation: Purchases returns book is a book in which the goods returned to suppliers are recorded. It is also called returns outward book or purchases…
Subdivision of Journal
Subdivision of Journal: Learning Objectives: What is subdivision of journal? Define and explain cash book and bank reconciliation statement What are the different types of cash book? Write single, double,…
Standard Quantity Per Unit Definition
Standard Quantity Per Unit Definition: The amount of materials that should be required to complete a single unit of product, including allowances for normal waste, spoilage, rejects, and similar inefficiencies.
Prevention Cost Definition
Prevention Cost Definition: Prevention costs are those costs that are incurred to keep defects from occurring.
Cash Flow Statement Example – Direct and Indirect Method
Rubab Ali Cash Flow Statement Example - Direct and Indirect Method: Unlike the major financial statements, cash flow statement is not prepared from the adjusted trial balance. The information to prepare this…
Standard Quantity Allowed Definition
Standard Quantity Allowed Definition: The amount of materials that should have been used to complete the period's output as computed by multiplying the actual number of units produced by the…
Inventory Purchases Budget for a Merchandising Firm
Inventory Purchases Budget for a Merchandising Firm: Learning Objectives: Define and explain an inventory budget. Prepare an inventory budget or merchandising purchase budget. Manufacturing firms prepare production budget but merchandising…
Sub-optimization Definition
Sub-optimization Definition: An overall level of profitability that is less than a segment or a company is capable of earning.
Sum of the Years’ Digits Method of Depreciation
Sum of the Years' Digits Method of Depreciation: Learning Objectives: Explain the sum of the years' digits method of depreciation. Definition and Explanation: Sum of the Years' Digits Method an…
Standard Hours Per Unit Definition
Standard Hours Per Unit Definition: The amount of labor time that should be required to complete a single unit of product, including allowances for breaks, machine downtime, cleanup, rejects, and…
Preference Decision Definition
Preference Decision Definition: Preference decision is a decision as to which of several competing acceptable investment proposals is best.
Standard Hours Allowed Definition
Standard Hours Allowed Definition: The time that should have been taken to complete the period's output as computed by multiplying the actual number of units produced by the standard hours…
Sunk Cost Definition
Sunk Cost Definition: Sunk cost is any cost that has already been incurred and that cannot be changed by any decision made now or in the future.
Symbolic View of Management Definition
Symbolic View of Management Definition: The view that managers have only a limited effect on substantive organizational outcomes because of the large number of factors outside their control.
Standard Costing and Variance Analysis Case Study
Standard Costing and Variance Analysis Case Study: Case A: Effect of assumed standard levels Case B: Factory overhead variance analysis Case A: Effect of Assumed Standard Levels: Harden Company has…