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Accounting Conventions Learning Objectives: What are accounting conventions? Explain important accounting conventions. The term "conventions" includes those customs or traditions which guide the accountants while preparing the accounting statements. The…
Environmental Uncertainty Definition: The degree of change and degree of complexity in an organization's environment.
Definition and explanation of cash flow statement. The purpose of the statement of cash flows is to highlight the major activities that directly and indirectly impact cash flows and…
Bill of materials Definition: Bill of materials is a document that shows the type and quantity of each major item of materials required to make a product.
Absorption Costing Definition: Cash equivalents are short-term, highly liquid investments such as treasury bills, commercial paper, and money market funds that are made solely for the purpose of generating a…
Environmental Complexity Definition: The number of components in an organization's environment and the extent of the organization's knowledge about those components.
Definition and Explanation of Bill of Exchange: A bill of exchange has been defined as an unconditional order in writing addressed by one person to another; signed by the person…
Accounting For Bills of Exchange: Learning Objectives: Define and explain bills of exchange. What are its advantages? How does a bill differ from a promissory note? How a bill of…
Accounting Concepts Learning objectives: Explain important accounting principles. The term concepts includes those basic assumptions or conditions upon which accounting is based. The following are the important accounting concepts: Business…
Cash Discount Definition: It is an allowance or deduction allowance by a creditors to a debtor. In other words, cash discount is an allowance made by the supplier or creditor…
Entrepreneurship Definition: The process whereby an individual or group of individuals uses organized efforts to pursue opportunities to create value and grow by fulfilling wants and needs through innovation and…
Benchmarking Definition: Benchmarking is the study of organizations that are among the best in the world at performing a particular task. The idea is to study and analyze the reasons…
Engineering Approach Definition: A detailed analysis of cost behavior based on an industrial engineer's evaluation of the inputs that are required to carry out a particular activity and of the…
Cost Accounting Procedure for Defective Work: In the manufacturing processes, imperfections may arise because of faults in materials, labor, or machines. If the unit can be reprocessed on one or…
Endorsement of Bill of Exchange: Learning Objectives: What are the journal entries in the books of drawer, acceptor and endorsee when a bill of exchange is endorsed by the drawer?…
Cash Budget Definition: A detailed plan showing how cash resources will be acquired and used over some specific time period. Click here to read full article about cash budget
Batch Level Activities Definition: Activities that are performed each time a batch of goods is handled or processed, regardless of how many units are in a batch. The amount of…
Ending Finished Goods Inventory Budget Definition: A budget showing the dollar amount of cost expected to appear on the balance sheet for unsold units at the end of a period.…
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Sana Ahmed 
Rubab Ali 
Shamsa Rafique 
Abida Rehman