What is an Applied Cost?
What is an Applied Cost? An applied cost is a cost that has been applied to a cost object, such as a product, department, or activity. A predetermined allocation rate is typically used to assign costs to cost objects. The…
Category Accounting Topics
What is Accounting? Importance of Accounting | Types of Accounting
What is Accounting? Accounting is a art of recording classifying summerising in a significant manner in terms of money and in financial terms and interpreting the result there of.. Accounting is a term that describes the process of consolidating financial…
10 Secrets to Successful Long-Term Investing in 2022
10 Secrets To Successful Long-Term Investing In 2022 10 Secrets to Successful Long-Term Investing in 2022 Long-Term Investing: Investing isn’t just for Wall Street gurus and finance wizards. It’s also something you can, and should, do with your hard-earned money to…
What are the Different Branches of Accounting?
What are the Different Branches of Accounting? The following are the main branches of accounting: (a) Financial accounting: Financial Accounting is that branch of accounting which involves identifying, measuring, recording, classifying, summarising the business transactions, i.e. it involves the steps…
Characteristics of Accounting
Characteristics of Accounting: Characteristics of Accounting The following attributes or characteristics can be drawn from the definition of Accounting: (1) Identifying financial transactions and events Accounting records only those transactions and events which are of financial nature. So, first of…
Objectives of Accounting
Objectives of Accounting The main objectives of accounting are: To maintain a systematic record of business transactions Accounting is used to maintain a systematic record of all the financial transactions in a book of accounts. For this, all the transactions…
What is the difference between accounts, accounting and accountancy?
What is the difference between accounts, accounting and accountancy? Difference between an Account, Accounting, and Accountancy is mentioned below: Account: An account is a record holder used to store and make transactions. It prepares the financial documentations in the…
What Is Accounts, Accountancy and Accountants
What Is Accounts accountancy and accountants What is an Account? Definition: An account is a record in an accounting system that tracks the financial activities of a specific asset, liability, equity, revenue, or expense. These records increase and decrease as…