Regression Line Definition
Abida Rehman Regression Line Definition: A line fitted to an array of plotted points. The slope of the line, denoted by the letter b in the linear equation Y = a +…
Special Order Definition
Shamsa Rafique Special Order Definition: A one-time order that is not considered part of the company's normal ongoing business.
Recording Cost of Goods Manufactured and Sold in Job Order Costing
Recording Cost of Goods Manufactured and Sold in Job Order Costing: Cost of Goods Manufactured (COGM): When a job has been completed, the finished out put is transferred from the…
Total Quality Management (TQM) System
Sidra Farid Total Quality Management (TQM) System: Learning objective of the article: Define and explain total quality management (TQM). What are the advantages and disadvantages of total quality management. Definition and explanation…
Insolvency of Acceptor in Bills of Exchange
Insolvency of Acceptor in Bills of Exchange: Learning Objectives: How the matter is treated in accounting for bills of exchange when the drawee becomes insolvent? Insolvency of a person means…
Variable Costing System
Sana Ahmed Variable Costing System A Decision Making Tool for Management: After studying this chapter you should be able to: Explain how variable costing differs from absorption costing and compute unit product…
Recording Transactions of Bill of Exchange
Recording Transactions of Bill of Exchange: For the purpose of accounting, bills are classified under two heads: Bills receivable Bills payable Bills Receivable: A bill of exchange is treated as…
Socialization Definition
Socialization Definition: The process that adapts employees to the organization's culture.
Recording Non-manufacturing Costs in a Job Order Costing System
Recording Non-manufacturing Costs in a Job Order Costing System: In addition to manufacturing costs, companies also incur marketing and selling costs. These costs should be treated as period expenses and…
Value Chain Definition
Value Chain Definition: The major business functions that add value to a company's products and services. These functions consist of research and development, product design, manufacturing, marketing, distribution, and customer…
Valuation of Unsold Stock Or Closing Stock in Consignment Accounting
Valuation of Unsold Stock Or Closing Stock in Consignment Accounting: Learning Objectives: How is the closing stock or unsold stock laying with the consignee valued?. The valuation of stock laying…
Six Sigma
Six Sigma: Learning objective of the article: Define and explain the concept of six sigma. Give an example. What are advantages and disadvantages of six sigma. Prepare a list of…
Reconciliation Method Definition
Reconciliation Method Definition: A method of computing the cash provided by operating activities that starts with net income and adjusts it to a cash basis. It is also known as…
Recognition of Net Revenue Method–By Product Costing
Recognition of Net Revenue Method--By Product Costing: This method recognizes the need for assigning some cost to the by-product. It does not attempt, however, to allocate any main product cost…
Single Entry Versus Double Entry System of Bookkeeping
Single Entry Versus Double Entry System of Bookkeeping: Learning Objectives: What is the difference between single entry system and double entry system of bookkeeping? What are the advantages of double…
Single Entry System / Accounts From Incomplete Records
Learning Objectives: Define and explain single entry system. What are the limitations of single entry system. How profit is calculated under single entry system of accounting. Definition and Explanation of…
Single Column Cash Book
Single Column Cash Book: Learning Objectives: Define and explain single column cash book. Prepare a single column cash book. Definition and Explanation: Single column cash book records only cash receipts…
Simple Rate of Return Method
Simple Rate of Return Method: Learning Objectives: Compute the simple rate of return for an investment project. Definition and Explanation: The simple rate of return method is another capital budgeting…