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Currently viewing the category: "Accounts, Finance"
In order to maintain uniformity and consistency in accounting records
throughout the world, certain rules and principles have been developed
which are generally accepted by the accounting profession. These rules/
principles are called by different names such as principles, concepts,
conventions, postulates, assumptions. These rules/principles are judged on
their general [...]
Cost may be classified into different categories depending upon the purpose of classification. Some of the important categories in which the costs are classified are as follows:
1. Fixed, Variable and Semi-Variable Costs
The cost which varies directly in proportion with every increase or decrease in the volume of output or production is known as [...]
The main objectives of cost accounting can be summarized as follows:
Determining Selling PriceBusiness enterprises run on a profit-making basis. It is, thus, necessary that revenue should be greater than expenditure incurred in producing goods and services from which the revenue is to be derived. Cost accounting provides various information regarding the cost to make [...]
Revenue and expense are taken into consideration for the purpose of income
determination on the basis of accounting period to which they relate. The
accrual basis makes a distinction between actual receipts of cash and the
right to receive cash for revenues and the actual payment of cash and the
legal [...]
Using Debit and Credit
In Double Entry accounting both the aspects of the transaction are recorded.
Every transaction has two aspects and according to this system, both the
aspects are recorded. If the business acquires something, it must have been
acquired by giving something. While recording each transaction, the total
amount [...]
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