Learn Financial and Managerial Accounting for Free
Final Accounts of Non-Trading Concerns: Non-trading concerns usually maintain their accounts by the double entry system and periodically prepare their final accounts for the submission to their members and subscribers.…
Committed Fixed Cost Definition: Committed fixed costs are those fixed costs that are difficult to adjust and that relate to the investment in facilities, equipment, and the basic organizational structure…
Final Accounts: Learning Objectives: What is trading and profit and loss account? What is the the difference between trial balance and balance sheet? Prepare trading and profit and loss account…
Code of Conduct for Management Accountants: Learning objectives of this article: What are the standards of ethical conduct for practitioners of management accounting and financial management Practitioners of management accounting…
Definition and Explanation of Accounting: Learning Objectives: Define and explain accounting. What are the main functions of accounting? Accounting is defined as "the art of recording, classifying and summarizing in…
First In First Out (FIFO) - Materials and Inventory Costing Method: Learning Objectives: Define and explain FIFO method. Give an example of FIFO costing method What are advantages and disadvantages…
First in First Out-FIFO Method Definition: A method that operates under the assumption that the materials which are received first are issued first and, therefore, the flow of cost should…
Feedback Definition: Accounting and other reports that help managers monitor performance and focus on problems and/or opportunities that might otherwise go unnoticed.
Closed System Definition: Closed system is a system that is not influenced by or do not interact with its environment.
Bottleneck Definition: A machine or process that limits total output because it is operating at capacity.
Basic Factors of Determination of Depreciation: Learning Objectives: What are the basic factors of depreciation determination? For calculation depreciation the basic factors are: The original cost of the asset. The…
Characteristics and Procedure of Process Costing System: The characteristics of process costing system: A cost of production report is used to collect, summarize and compute total and unit costs. Production…
Important Bookkeeping Terms: Before attempting to learn the art or science of bookkeeping it will be better to clarify some of the terms that will have to be used again…
Characteristics of Joint Products and Joint Cost: Many products or services are linked together by physical relationships which necessitate simultaneous production. To the point of split-off or to the point…
Accounting For Consignment / Consignment Accounts Rules Learning Objectives: Define and explain the terms consignment, consignor and consignee. What is the difference between consignment and sale? Make journal entries in…
Effect of Change in Variable Cost and Sales Volume on Contribution Margin and Profitability: Learning Objectives: What is the effect of change in variable cost and sales volume on contribution…
Effect of Change in Variable Cost, Fixed Cost and Sales Volume on Contribution Margin and Profitability: Learning Objectives: What is the effect of change in variable cost, fixed cost and…
Accounting Equation Learning Objective: Define and explain accounting equation. Give an example of accounting equation. Definition and Explanation of Accounting Equation: Dual aspect may be stated as "for every debit,…
Sana Ahmed 
Abida Rehman 
Rubab Ali 
Shamsa Rafique 
Sidra Farid