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Gross Profit Analysis Based on Budgets and Standard Costs: As the basis for illustrating the analysis of gross profit using budgets and standard costs, three financial statements for a company…
Accounting For Ventures / Joint Venture Accounts Learning Objectives: Define and explain the terms consignment, consignor and consignee. What is the difference between consignment and sale? Make journal entries in…
Definition and Explanation of Bookkeeping: Learning Objectives: Define and explain the term bookkeeping. The work book or books mean books of accounts and keeping implies maintaining in proper form and…
Generally Accepted Accounting Principles (GAAP): Generally accepted accounting principles (GAAP) are those principles that have substantial authoritative support. The AICPA's code of professional conduct requires that members prepare financial statements…
Definition and Explanation of Ledger: Learning Objectives: Define and explain the term "ledger" What are the features or characteristics of ledger? When all the transactions of a given period have…
Controlling Definition: Ensuring that the plan is actually carried out and is appropriately modified as circumstances change.
Controlling and Costing Materials - Questions and Answers: Questions: List the forms more frequently used in the procurement and use of materials. Should formal purchase requisitions and purchase orders be…
General Environment Definition: Broad external conditions that may affect the organization.
Controlling and Costing Materials: After studying this chapter you should be able to: Effective materials management is essential in order to (1) provide the best service to customers, (2) produce…
Joint Venture Accounting Questions and Answers: Learning Objectives: Answers of some important joint venture questions. Theoretical Questions: Define a "joint venture". What are the different methods of recording transactions relating…
Definition and Explanation of Activity Based Costing System: Learning Objectives: Understand activity based costing system. How it differs from a traditional costing system? Activity based costing (ABC) is a costing…
After studying Budgeting and Planning article you should be able to: Understand why organizations budget and the processes they use to create budgets. Prepare a sales budget, including a schedule…
Accounting For Depreciation Learning Objectives: Define and explain the term "depreciation". Why does depreciation calculated and charged? What are the different methods for providing depreciation? Definition and Explanation of Depreciation:…
Budgeted Income Statement: Definition and Explanation: A budgeted income statement can be prepared from the data developed in: Sales budget Ending finished goods inventory budget Selling and administrative expense budget…
Controller Definition: Controller is defined as the manager in charge of the accounting department in an organization.
Future Value and Present Value Tables Future Value Tables: Table 1: Future Value of $1 Table 2: Future Value of Ordinary Annuity (Annuity in Arrear - End of Period Payments)…
Budgeted Balance Sheet: Definition and Explanation: The budgeted balance sheet is developed by beginning with the current balance sheet and adjusting it for the data contained in other budgets. Example…
Further Classification of Labor Costs: Learning Objective of the Article: Properly classify labor costs associated with idle time, overtime and fringe benefits. Idle time, overtime, and fringe benefits associated with…
Sana Ahmed 
Sidra Farid 
Rubab Ali 
Abida Rehman 
Shamsa Rafique