Knowledge in Accounts
Accounts -Depriciation
In accountancy, depreciation refers to two aspects of the same concept: first, the actual decrease in value of fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wears, and second, the allocation in accounting statements of the original cost of the assets to periods in which the assets are used (depreciation with the matching principle
Kamna Garg
Accounts - financial statement analysis
Financial statement analysis is the process of reviewing and analyzing a company's financial statements to make better economic decisions to earn income in future. These statements include the income statement, balance sheet, statement of cash flows, notes to accounts and a statement of changes in equity.
Kuldeep Sharma
Accounts - Ratio Analysis
Ratio analysis is the comparison of line items in the financial statements of a business. Ratio analysis is used to evaluate a number of issues with an entity, such as its liquidity, efficiency of operations, and profitability. ... Trend lines can also be used to estimate the direction of future ratio performance.
Accounts - Final Accounts (CASE)
Final accounts is a somewhat archaic bookkeeping term that refers to the final trial balance at the end of an accounting period from which the financial statements are derived. This final trial balance includes all of the journal entries used to close the books, such as: Wage and payroll tax accruals.
Accounts - Final Accounts (Infosys)
Here is the final statement of balance sheet and income statement of INFOSYS. Final accounts is a somewhat archaic bookkeeping term that refers to the final trial balance at the end of an accounting period from which the financial statements are derived. This final trial balance includes all of the journal entries used to close the books, such as: Wage and payroll tax accruals.
Accounts - Ratio Analysis
Ratio analysis is the comparison of line items in the financial statements of a business. Ratio analysis is used to evaluate a number of issues with an entity, such as its liquidity, efficiency of operations, and profitability. ... Trend lines can also be used to estimate the direction of future ratio performance.
Accounts - Cost Accounting
Cost accounting is defined as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, classifying, allocating, aggregating and reporting such costs and comparing them with standard costs." (IMA). Often considered a subset of managerial accounting, its end goal is to advise the management on how to optimize business practices and processes based on cost efficiency and capability. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future.
Commerce 4
It is commerce part of 11th commerce .
Girish Teli
Commerce 2
It is commerce part of 11th commerce .having basic knowledge
Commerce 3
It is commerce part of 11th commerce .having basic knowledge .it contain theory questions giving idea about commerce
what is Practical,Normal ,Maximum ,Actual ,Idle capacity ? capacity of a firm in details
Practical Capacity :It refers to the production capacity of a firm taking into consideration various internal and external factors within which the firm operates .Normal capacity :It refers to the production capacity of a firm at which the firm can operate in normal situationMaximum capacity :It refers to the capacity at which the firm can operate using all the factors of production to fullest extent . in the capacity beyond which the firm can't produce more . A firm can't operate at this capacity for a long period .It causes damage to machine .In emergent situation this capacity is used .Actual capacity : It refers to the production capacity of a firm at which the firm producing at present .It may any capacity from start to maximum .Usually the firm operate at normal capacity .Idle capacity :It refers to the capacity which remains idle in other word the capacity which remains unused .The reasons for such idle capacity is shortage of material , machine brokedown , power failure , waiting for instruction etc .Idle capacity = Normal capacity -Actual capacity
Mousumi Manna
Method of Costing
METHOD OF COSTING MEANING: There are various method or type of costing , but the basic principal underlying all these methods or type are the same .The basic principal are to collect and analyse the expenditure according to elements of cost and to determine the cost for each cost center or cost unit . The nature of the manufacturing operation carried out of the nature of the services rendered by a concern decides the method applicable to it . Broadly speaking , there are three main method of costing ---1. job costing , process costing , and farm costing , the other are either variants of these three method or are techniques use for a particular purpose under particular condition . METHOD OF COSTING 1. JOB COSTING 2. PROCESS COSTING 3. FARM COSTING 1. JOB COSTING : Under this method , the cost unit is taken to be a job ,small or big , comparison of a definite quantity of a product manufactured . So , the approach is product approach . Job costing system is used where it is desired to ascertain the cost of a job or a specific order or of a batch of finished goods and also profit or loss each such job . Thus , painters , publisher , machine tool manufacturers , caterers , job foundries , builders etc . use job costing system . 2. PROCESS COSTING : Process represents type of costing for continuous and mass production industry . In such industry output consists of like unit each unit being process in same manner . Therefore it is assumed that all same amount of material , labour and overhead is chargable to each unit processed . cost are assumulated on the process basic records of unit product are variable . 3. FARM COSTING : The agriculture farms are quite different from the manufacturing industry in many respect . Manufacturing industry used standard plants which gives standard output .Plant of a farm is highly influenced by climate , rainfall , nature of manuring , nature of labour used at different stages from showing to harvesting , nature of seeds used etc . Manufacturing product are not influenced by these factors . Another peculiarity of a farm is that output of a period in part at least , is used as the input of the period following . paddy potato ,onion etc . produced in one year are preserved for using them as seeds in the next year.