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Both the parts, Profit and Loss Account and Trading Account of last account are interdependent upon each other. Gross Profit or loss plays a very important role in the calculation of net figure of Profit and loss. Trading and profit and loss account provides the true picture of an organization through showing its revenues and expenses. Such account is normally prepared at the ending of the accounting period. Balance Sheet like we have observed is one of the most significant financial statements. This is a periodic summary of the financial position of the business. This is the statement of assets, owners and liabilities' capital at an exacting point in time. Such statement in itself does not reveal anything regarding the details of the operations of the business. Though, a comparison of two balance sheets could reveal the modifications in business position. A realistic understanding of the operations of the business would need two other statements: Cash Flow Statement and Funds Flow Statement. We shall acquire them up in subsequent sections.
Labour Costs and Overhead costs Labour Costs Labour costs can be indirect or direct labour costs. Direct labour cost refers to wages paid to workers who such are directly
explain the practical application of differential costing with the help of suitable example.
The sale turnover and profit during two period were as following Period 1=Sales Rs.20 Laks, and Profit Rs.2 Laks Period 2=Sales Rs.30 Laks, and Profit Rs.4.Laks Calculate P/V Ratio
Atkinson's Reliable Tools makes two products that use similar raw materials: #587Q and #253X. Estimated production needs for a unit of each product follows. #587Q #253X Steel (in p
actual cost
Process Cost Report This is a commonly employed statement that traces the flow of units produced and costs incurred in the production process. The report is prepared for every
The following data is available regarding costs and units: Observation Machine-hours Total Operating Costs January 4,000 $45,900 February 5,000 52,500 March 3,400 44,025 April 4,40
Relevant Costs and Decision-Making The relevance of costs will depend upon the purpose for that they are being utilized. Relevance is related to future decisions. The relevanc
Commodities to Stock Employ Material Requirement Planning From the Master Production Schedule the manager has determined such the products to be produced. A
when one firm purchase other and take over its all assets.balance sheet of absorbed firm shows goodwill,should we goodwill as well?
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