Bookkeeping Versus Accounting
Shamsa Rafique Bookkeeping Versus Accounting: Learning Objectives: What is the difference between bookkeeping and accounting? There is some confusion over the difference between bookkeeping and accounting. This is due to the fact…
Effect of Change in Regular Sales Price on Contribution Margin and Profitability
Abida Rehman Effect of Change in Regular Sales Price on Contribution Margin and Profitability: Learning Objectives: What is the effect of changing regular sales price on the contribution margin and profitability of…
Definition and Explanation of Single Entry System
Rubab Ali Definition and Explanation of Single Entry System: Learning Objectives: Define and explain single entry system of bookkeeping. What are limitations of single entry system of accounting It is difficult to…
External Failure Cost Definition
Sana Ahmed External Failure Cost Definition: Costs that are incurred when a product or service that is defective is delivered to a customer.
External Environment Definition
External Environment Definition: Outside institutions or forces that potentially affect an organization's performance.
Extended Example of Net Present Value Method
Extended Example of Net Present Value Method: Difficulties Encountered in Process Costing Procedures: Learning objectives of this article: What are the difficulties or Limitations in a process costing procedure?…
Effect of Change in Fixed Cost and Sales Volume on Contribution Margin and Profitability
Effect of Change in Fixed Cost and Sales Volume on Contribution Margin and Profitability: Learning Objectives: What is the effect of change in fixed costs and sales volume on contribution…
Bookkeeping
Bookkeeping: After studying this chapter you should be able to: Introduction: The need for a system by which man might keep a record of his business transactions with his fellowmen…
Definition and Explanation of Process Costing System
Definition and Explanation of Process Costing System: Cost accumulation procedures used by manufacturing concerns are classified as either job order costing or process costing. The Job Order Costing System chapter…
Consignment Accounting Journal Entries
Sidra Farid Consignment Accounting Journal Entries Learning Objectives: Make journal entries in the books of consignor and that of consignee. As the goods sent on consignment by the cosigner are not his…
Expense Ratio
In this article we will discuss how to calculate expense ratio in insurance and total expense ratios meaning with calculation with ratio formula Definition: Expense ratios indicate the relationship of…
Effect of Change in Fixed Cost, Sales Price and Sales Volume on Contribution Margin and Profitability
Effect of Change in Fixed Cost, Sales Price and Sales Volume on Contribution Margin and Profitability: Learning Objectives: What is the effect of change in fixed cost, sales price and…
Examples of Trading and Profit and Loss Account and Balance Sheet
Trading account format and accounting trading and profit and loss account examples in balance sheet. Different solved problems in trading profit and loss a/c in final accounts format for carriage…
Definition, Explanation and Examples of Joint Venture
Definition, Explanation and Examples of Joint Venture: Learning Objectives: Define and explain the terms joint venture. What the advantages or benefits of joint venture. Definition: A joint venture is a…
Bills Receivable Book
Bills Receivable Book: Learning Objectives: Define and explain bills receivable book. Prepare a bills receivable book and post into ledger. Definition and Explanation: Bills receivable book is used to record…
Causes of Depreciation
Causes of Depreciation: Learning Objectives: What are the causes of definition? The main causes of depreciation may be divided into two categories, namely: Internal Cause and External Causes Internal Causes:…
Example of Ledger and Preparing Ledger Accounts
Example of Ledger and Preparing Ledger Accounts: Learning Objectives: How are ledger accounts prepared? Journalise the following transactions and post them to the ledger accounts concerned: 1991 Jan. 1 Purchased…
Definition, Explanation and Characteristics of “Depreciation” or “Accounting Depreciation
Definition, Explanation and Characteristics of "Depreciation" or "Accounting Depreciation": Learning Objectives: Define and explain the terms "depreciation" or "accounting depreciation". The value of assets gradually reduces on account of use.…