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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 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…
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: Learning Objectives: What is the effect of change in fixed cost, sales price and…
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: 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: 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: 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: 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": Learning Objectives: Define and explain the terms "depreciation" or "accounting depreciation". The value of assets gradually reduces on account of use.…
Equivalent Units of Production: Definition and Explanation of Equivalent Units of Production: After materials, labor and overhead costs have been accumulated in a department, the department's output must be determined…
Bills Payable Book: Learning Objectives: Define and explain bills payable book. Prepare a bills payable book and post into ledger. Definition and Explanation: Bills payable book is used to record…
Cash Flow Statement Definition: Cash flow statement is a financial statement that highlights the major activities that directly and indirectly impact cash flows and hence affect the overall cash balance.
Accounting Cycle Learning Objective: Define and explain accounting cycle. Accounting cycle refers to a complete sequence of accounting procedures which are required to be repeated in same order during each…
Consignment, Consignor and Consignee Learning Objectives: Define and explain the terms consignment, consignor and consignee. The word meaning consignment in accounting can be generally defined as the act of sending…
Equivalent Units of Production Definition: The product of the number of partially completed units and their percentage of completion with respect to a particular cost. Equivalent units are the number…
Proprietary Ratio or Equity Ratio: Definition: This is a variant of the debt-to-equity ratio. It is also known as equity ratio or net worth to total assets ratio. This ratio…
Bill of Exchange for Collection: Learning Objectives: Make journal entries in the books of creditor, debtor, and that of bank when a bill of exchange is sent to the bank…
Rubab Ali 
Sidra Farid 
Sana Ahmed 
Abida Rehman 
Shamsa Rafique