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The Nature of Accounting
Accounting is process of recording, analyzing, summarizing, and interpreting financial (money-related) activities to allow individuals as well as organizations to make informed judgments and decisions.
By law all businesses should keep accounting records. Decisions are based on accounting information for non-profit and profit companies alike.
Feedback Control System Feedback is information about actual achievements or actual results produced within the organization (e.g. management control reports) with the purpose
INVENTORY CONTROL DECISIONS Factories, workshops, engineering departments handle raw materials used in the manufacture of products. The main objectives in handling these materi
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
1. In common, accounting period is the time period reflected by a series of financial statements. 2. In terms of taxation, it is twelve-month period a taxpayer uses to know
Full cost or mark up pricing or cost plus pricing method: In this method the marketer estimates the total cost of producing or manufacturing the product and then adds it a mar
HGT Company initialized the accounting period with the following beginning balances: During the accounting period, the company purchased $60,000 of raw materials and ended
It is a spontaneous source of finance that is commonly extended to business organization depending on the custom of the competition and trade prevailing within the organization and
Explain Support activitiesand production process activity Support activities are for example schedule production set up machine purchase materials inspect item customer orde
Explain about Programmed budget It having expects revenues and cost of various products or projects that are termed as the main programmers of the firm. Such a budget can be pr
Graphic method of break even analysis or break even chart The break even point can also be computed graphically. A break even chart is a graphical representation of marginal co
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