Management Definition
Shamsa Rafique Management Definition: Coordinating work activities so that they are completed efficiently and effectively with and through other people. Relevant Terms: Manager First Line Managers Middle Managers Top Level Managers
Management By Exception Definition
Management By Exception Definition: Management by exception is a system of management in which standards are set for various operating activities, with actual results then compared to these standards. Any…
Difference Between Trading Account and Profit and Loss Account
Abida Rehman Difference Between Trading Account and Profit and Loss Account: Learning Objectives: What is the difference between account and profit and loss account? The main difference between trading account and profit…
Need for Materials Control
Sidra Farid Need for Materials Control: One of the first step in the installation of cost and management accounting system is planning the proper control of materials and supplies from the time…
Labor Efficiency Variance Definition
Sana Ahmed Labor Efficiency Variance Definition: A measure of the difference between the actual hours taken to complete a task and the standard hours allowed, multiplied by the standard hourly labor rate.…
Difference Between Statement of Affairs and Balance Sheet
Difference Between Statement of Affairs and Balance Sheet: Learning Objectives: What is the difference between statement of affairs and balance sheet? As real or property accounts are not maintained and…
Make or Buy Decision Definition
Make or Buy Decision Definition: Make or buy decision is a decision as to whether an item should be produced internally or purchased from an outside supplier. Explanation of the…
Need for Depreciation
Need for Depreciation: Learning Objectives: Why does the need for calculating and charging depreciation arise. The Need for depreciation arises for the following reasons: Ascertainment of True Profit or Loss:…
Nature of Accounts and Rules of Debit and Credit
Nature of Accounts and Rules of Debit and Credit: Definition and Explanation: The term "account (a/c)" is a record in summarized and classified form of all business transactions that take…
Direct Labor Budget
Direct Labor Budget: Learning Objectives: Define and explain direct labor budget. Prepare direct labor budget. Definition and explanation of direct labor budget Example Definition and Explanation: The direct labor budget…
Difference Between Receipts and Payments Account and Income and Expenditure Account
Difference Between Receipts and Payments Account and Income and Expenditure Account: Learning Objectives: What is the difference between receipt and payment account and income and expenditure account? Receipts & Payment…
Accounting Definitions
Cost Accounting
Knowledge Management
Managerial Accounting
Managment Accounting
Knowledge Management Definition
Knowledge Management Definition: Cultivating a learning culture where organizational members symbolically gather knowledge and share it with others in the organization so as to achieve better performance.
Difference Between Ledger and Journal
Difference Between Ledger and Journal: Learning Objectives: What is the difference between ledger and journal? The journal and the ledger are the most important books of the double entry system…
Difference Between Joint Venture and Consignment
Difference Between Joint Venture and Consignment: Learning Objectives: What is the difference between joint ventures and consignment? Parties: In joint venture, parties to the agreement are known as co-venturers while…
Issuing and Costing Materials into Production
Issuing and Costing Materials into Production: To control the quantity and cost of materials, supplies, and services requires a systematic and efficient system of purchasing, recording, and storing. Equally necessary…
Avoidable Cost Definition
Avoidable Cost Definition: Any cost that can be eliminated (in whole or in part) by choosing one alternative over another in a decision-making situation. In managerial accounting, this term is…
KANBANS (Kanban Ststem)
KANBANS: (Kanban Ststem) Learning Objectives of the Article: Define and explain KANBAN. Where and how KANBANS are used. What are advantages and disadvantages of using KANBAN system? Definition and explanation…
Average Costing Method Versus FIFO Costing Method
Average Costing Method Versus FIFO Costing Method: Learning Objectives of this Article: What is the difference between average costing method and FIFO costing method when they are used in process…