- Cost Accounting
What is Abnormal Loss in Cost Accounting?
An abnormal loss is a cost accounting term that refers to a situation where the expected output of a production process is not achieved due to factors beyond th
- Financial Accounting Concepts
What is the Owner’s Capital in Accounting?
In accounting, the owner’s capital refers to the owners’ equity in the business. This can be calculated by subtracting the liabilities from the asse
- Financial Accounting Concepts
What is Working Capital? Why is it Necessary for Businesses?
Working capital refers to the difference between a company’s current assets and current liabilities, where current assets include cash, accounts receivabl
- Cost Accounting
What is Cost Accounting? Definition and Objectives
Cost Accounting is a term used in management accounting to track and analyze the costs incurred in the production process of goods or services. It involves coll
- Financial Accounting Concepts
What is the Impact of Big Data on the Accounting Profession?
Big data has had far-reaching effects on the accounting industry, and these effects are probably not exclusive to accounting. As with so many other aspects of B
- Financial Accounting Concepts
Why internal control is necessary for accounting system
Internal control procedures in accounting are the policies and procedures implemented by a company to ensure the reliability of financial reporting, safeguard a
- Cost Accounting
Pros and Cons of the Traditional Method of Calculating Overhead
Calculating overhead is an essential part of determining the true cost of goods and services in a business. Overhead costs are indirect costs, such as rent, uti
- Financial Management
Fundamental of Annuities – Meaning and Types
What is an Annuity? An annuity is a continuous stream of equal periodic payments from one party to another for a certain length of time in order to satisfy a fi
- Financial Management
Treasury Bills and Commercial Paper Explained
Treasury Bills: The Basics Treasury bills, often known as T-bills, are short-term financial securities issued by both the federal and provincial governments hav
- Financial Accounting Concepts
What is the Revenue Recognition Principle?
The revenue recognition principle directs a business to recognise revenue in the period in which it is earned; revenue is not considered earned until a product