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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…
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.…
Action Analysis Report Definition A report showing what costs have been assigned to a cost object, such as a product or customer, and how difficult it would be to adjust…
Decisional Roles Definition: The decisional roles involve around making choices. The four decisional roles include entrepreneur, disturbance handler, resource allocator and negotiator.
Account Analysis Definition: Account analysis is a method for analyzing cost behaviour in which each account under consideration is classified as either variable or fixed based on the analyst's prior…
Decentralized Organization Definition: An organization in which decision making is not confined to a few top executives but rather is spread throughout the organization.
Efficiency Definition: Getting the most output from the least amount of inputs; referred to as "doing things right,".
Capital Budgeting Definition: The process of planning significant outlays on projects that have long-term implications such as the purchase of new equipment or the introduction of a new product.
Effectiveness Definition: Completing activities so that organizational goals are attained; "referred to as doing the right things."
significant information significant information is one of the important accounting conventions. It implies that accounts should be prepared in such a way that all material information is clearly disclosed to…
Economic value added (EVA) Definition: Economic value added is a concept similar to residual income.
E-Commerce Definition: The sales and marketing components of the e-business is called e-Commerce.
Sidra Farid 
Abida Rehman 
Sana Ahmed 
Shamsa Rafique 
Rubab Ali