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Bank guarantee is one of the facilities which the commercial banks extend in support of their clients in favour of third parties who will be the beneficiaries of the guarantees. In fact, while a bank guarantee is specified, no credit is extended and banks do not part along with any funds. There will be only a guarantee to the beneficiary to create payment in the event of the customer on whose behalf the guarantee is provided, defaults on his commitment. Thus if the customer fails to pay according the terms of the guarantee, the banker providing the guarantee has to pay and claim reimbursement from his client. The banker's liability occurs only if these customers are unsuccessful to pay the beneficiary of the guarantee. That's why bank guarantee limits are termed as not fund limits or non-borrowings limits.
What is Standard costing Standard cost is a predetermined cost. It is a determination in advance of production of what should be the cost. When standard costs are used for the
Morrow Company applies overhead based on direct labor hours. At the beginning of the year, Morrow estimates overhead to be $620,000, machine hours to be 180,000, and direct labor h
Objectives of the cost accounting The Objectives of the cost accounting are ascertain of costs, fixation of selling prices, proper recording and presentation of cost data to th
Variables Unrestricted variable Yi can be expressed in terms of two non-negative variables by using the substitution: Yi = Yi' - Yi'', Yi', Yi'' ≥ 0 The substitution
Significance points of Variance The following significant points must be kept in mind: Controllability: Controllability should also influence the decision whether t
calculate formula
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,730 and two jobs in process: Job No. 429 $2,150, and Job No. 430
Objectives of ratio analysis 1) Measuring the profitability: we can measure the profitability of the business by calculation gross profit net profit expenses ratio and other.
Value analysis Is a formalized technique involving a rigorous analysis of products at the design stage or at any time during the saleable lives, to determine their value charac
Break even point or B.E.P. pricing method : Break even point is the volume of sales at which the total sale revenue of the product is equal to its total cost. In other words, it
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