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Procedures for Materials, Labor, and Factory Overhead Costs Accumulations: In process costing, materials, labor, and factory overhead costs are accumulated in the usual accounts, using normal cost accounting procedures. Costs…
Retiring of a Bill of Exchange: Learning Objectives: Make journal entries in the books of drawer and drawee when a bill of exchange is retired before it maturity. Definition and…
Renewal of a Bill of Exchange: Learning Objectives: Make journal entries in the books of drawer and acceptor when the original bill is cancelled and a new bill is drawn…
Drawing, Acceptance, and Payment of Bills of Exchange: Learning Objectives: Make journal entries in the books of creditor and debtor at the time of drawing, acceptance, and payment of a…
Diminishing Balance Method of Depreciation: Learning Objectives: Define, explain and give example of the diminishing balance method/written down value method/reducing installment method? What are advantages and disadvantages of diminishing balance…
Learning Objectives: Prepare journal entries and joint venture accounts in the books of parties doing joint venture business. How to solve a joint venture problem. Problem 1 - Journal Entries,…
Annuity Method of Depreciation: Learning Objectives: What is annuity method of depreciation? Where is it adopted? According to this method, the purchase of the asset concerned is considered an investment…
Joint Venture Journal Entries: Learning Objectives: What is accounting treatment of joint ventures? Prepare journal entries in the books of parties doing joint venture business. There are two methods in…
Cost Flow and Journal Entries--Process Costing System: Materials: Materials are drawn from the storeroom using a material requisition form. Materials can be added in any department, although it is not…
Consignment Accounting problems and exercises: Learning Objectives: Prepare journal entries, consignment account and consignee account in the books of consignor. Prepare journal entries and consignor account in the books of…
Rubab Ali 
Abida Rehman 
Sana Ahmed 
Sidra Farid