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Difference Between Receipts and Payments Account and Income and Expenditure Account: Learning Objectives: What is the difference between receipt and payment account and income and expenditure account? Receipts & Payment…
Knowledge Management Definition: Cultivating a learning culture where organizational members symbolically gather knowledge and share it with others in the organization so as to achieve better performance.
Difference Between Ledger and Journal: Learning Objectives: What is the difference between ledger and journal? The journal and the ledger are the most important books of the double entry system…
Difference Between Joint Venture and Consignment: Learning Objectives: What is the difference between joint ventures and consignment? Parties: In joint venture, parties to the agreement are known as co-venturers while…
Issuing and Costing Materials into Production: To control the quantity and cost of materials, supplies, and services requires a systematic and efficient system of purchasing, recording, and storing. Equally necessary…
Avoidable Cost Definition: Any cost that can be eliminated (in whole or in part) by choosing one alternative over another in a decision-making situation. In managerial accounting, this term is…
KANBANS: (Kanban Ststem) Learning Objectives of the Article: Define and explain KANBAN. Where and how KANBANS are used. What are advantages and disadvantages of using KANBAN system? Definition and explanation…
Average Costing Method Versus FIFO Costing Method: Learning Objectives of this Article: What is the difference between average costing method and FIFO costing method when they are used in process…
Difference Between Gross Margin and Contribution Margin: Learning Objectives: What is the difference between gross margin and contribution margin? Gross Margin is the Gross Profit as a percentage of Net…
ISO 9000 Standards Definition: Quality control requirements issued by the International Standard Organization that relate to products sold in European countries.
Just in Time (JIT) Definition: Just In Time (JIT) is a production and inventory control system in which materials are purchased and units are produced only as needed to meet…
Average Unit Cost Method--Allocating Joint Product Cost: Learning Objectives: Explain the use of average unit cost method in joint product cost allocation. Average unit cost method attempts to apportion total…
Invoicing Goods Higher Than Cost in Consignment: Learning Objectives: What is the accounting treatment when consignor invoices goods higher than the actual cost? Sometimes in place of sending the goods…
Difference Between Depreciation and Fluctuation: Learning Objectives: What is the difference between depreciation and fluctuation?. Depreciation of asset and fluctuation in its market value are not the same. For example,…
Just in Time (JIT) Manufacturing and Inventory Control System: Learning objectives of the article: Define and explain the concept of just in time manufacturing and inventory control system. What are…
Distinction/Difference Between Consignment and Sale: Learning Objectives: What is the distinction/difference between consignment and sale? The following are the main points of the difference between consignment and sale. Transfer of…
Journal Proper: Learning Objectives: Define and explain journal proper. When a journal proper is used? Definition and Explanation: Journal proper is book of original entry (simple journal) in which miscellaneous…
Difference Between Bill of Exchange and Cheque/Check: Learning Objectives: What is the difference between bill of exchange and cheque/check? Check Bill of Exchange It is drawn on a banker It…
Abida Rehman 
Sana Ahmed 
Shamsa Rafique 
Sidra Farid