Closed System Definition
Abida Rehman Closed System Definition: Closed system is a system that is not influenced by or do not interact with its environment.
Bottleneck Definition
Shamsa Rafique Bottleneck Definition: A machine or process that limits total output because it is operating at capacity.
Basic Factors of Determination of Depreciation
Sana Ahmed Basic Factors of Determination of Depreciation: Learning Objectives: What are the basic factors of depreciation determination? For calculation depreciation the basic factors are: The original cost of the asset. The…
Characteristics and Procedure of Process Costing System
Characteristics and Procedure of Process Costing System: The characteristics of process costing system: A cost of production report is used to collect, summarize and compute total and unit costs. Production…
Important Bookkeeping Terms
Important Bookkeeping Terms: Before attempting to learn the art or science of bookkeeping it will be better to clarify some of the terms that will have to be used again…
Characteristics of Joint Products and Joint Cost
Characteristics of Joint Products and Joint Cost: Many products or services are linked together by physical relationships which necessitate simultaneous production. To the point of split-off or to the point…
Accounting For Consignment / Consignment Accounts rules
Sidra Farid Accounting For Consignment / Consignment Accounts Rules Learning Objectives: Define and explain the terms consignment, consignor and consignee. What is the difference between consignment and sale? Make journal entries in…
Effect of Change in Variable Cost and Sales Volume on Contribution Margin and Profitability
Effect of Change in Variable Cost and Sales Volume on Contribution Margin and Profitability: Learning Objectives: What is the effect of change in variable cost and sales volume on contribution…
Effect of Change in Variable Cost, Fixed Cost and Sales Volume on Contribution Margin and Profitability
Effect of Change in Variable Cost, Fixed Cost and Sales Volume on Contribution Margin and Profitability: Learning Objectives: What is the effect of change in variable cost, fixed cost and…
Accounting Equation
Accounting Equation Learning Objective: Define and explain accounting equation. Give an example of accounting equation. Definition and Explanation of Accounting Equation: Dual aspect may be stated as "for every debit,…
Bookkeeping Versus Accounting
Bookkeeping Versus Accounting: Learning Objectives: What is the difference between bookkeeping and accounting? There is some confusion over the difference between bookkeeping and accounting. This is due to the fact…
Effect of Change in Regular Sales Price on Contribution Margin and Profitability
Effect of Change in Regular Sales Price on Contribution Margin and Profitability: Learning Objectives: What is the effect of changing regular sales price on the contribution margin and profitability of…
Definition and Explanation of Single Entry System
Rubab Ali Definition and Explanation of Single Entry System: Learning Objectives: Define and explain single entry system of bookkeeping. What are limitations of single entry system of accounting It is difficult to…
External Failure Cost Definition
External Failure Cost Definition: Costs that are incurred when a product or service that is defective is delivered to a customer.
External Environment Definition
External Environment Definition: Outside institutions or forces that potentially affect an organization's performance.
Extended Example of Net Present Value Method
Extended Example of Net Present Value Method: Difficulties Encountered in Process Costing Procedures: Learning objectives of this article: What are the difficulties or Limitations in a process costing procedure?…
Effect of Change in Fixed Cost and Sales Volume on Contribution Margin and Profitability
Effect of Change in Fixed Cost and Sales Volume on Contribution Margin and Profitability: Learning Objectives: What is the effect of change in fixed costs and sales volume on contribution…
Bookkeeping
Bookkeeping: After studying this chapter you should be able to: Introduction: The need for a system by which man might keep a record of his business transactions with his fellowmen…