Topic Overview Trial Balance is prepared to check the arithmetical accuracy Rectifying entry is passed to remove the effect of …
Read moreErrors in Accounting : Identification, Classification etc.
What is Imputed or Notional Cost? Imputed Costs are hypothetical notional costs which is not recorded in the books of …
Read moreNotional(Imputed) Cost, Out of Pocket Cost & Differential Cost
What is Accounting Concepts? Accounting concepts is the basic rules, assumptions and principles which is considered as the basis of …
What is Retained Earnings? Retained earnings is the accumulation of profits of the company. This is the part of total …
What is Journal Proper? Journal Proper is the residuary books where those transactions are recorded that are not recorded earlier …
What is Sell Off? Sell off is one kind of divestment where one company sells part of its business to …
What is Management Buyouts (MBO)? Management buyouts is the process where the existing management purchase all or part of a …
Definition Invoice refers to Sales Invoice which is used by the seller to forward it to the purchaser. This is …
Cost ascertainment is the most important factor in financial accounting. An Accountant should have clear understanding regarding the nature of …
When a company has several production centres and situated in different location, the company may think whether they should maintain …