Latest Answer: The double entry book keeping system that is followed world over has classified the accounts into two categories: Personal Accounts and Non-personal Accounts.Personal accounts are those accounts which belong to either single person or group of persons. ...
Latest Answer: The derivative of total production costs with respect to the level of output is Marginal cost.The benefits you could have received by taking an alternative action is oppurtunity cost. ...
Latest Answer: Margin of safety is the difference between Actual Sales and Sales at Break Even Point. The Higher is the margin of safety, the better is for the organisation.MARGIN OF SAFETY: ACTUAL SALES - BREAK EVEN SALES.MARGIN OF SAFETY: PROFIT /P/V RATIO. ...
Latest Answer: Statement showing changes in inflow & outflow of cash during the period is Cash Flow Statement.Statement showing the sorce & application of funds during the period is Fund Flow Statement. ...
I transfer 20 Kg of Raw Material to WIP, but there will be weight loss incurred during the production periods.Is this double entry correct?Dr : WIP (18 Kg)--------------------S$20Cr : Raw Material (20Kg)-----------S$20If yes what will the double entry to capture the 2Kg weight loss?Thanks,Denny
Definitions, Explanations, How the calculations are done and possibly worked examples.
Latest Answer: Just-in-Time (JIT) manufacturing involves purchasing the raw materials and going ahead with the production process as and when the demand arises. JIT is an approach towards minimizing waste and maximizing productivity. The costing system associated with ...
Latest Answer: Costs are bifurcated into 2, Fixed cost and variable cost. In fact the third category also exist which is Semi variable cost.Fixed costs are those costs which do not vary with the production level. Like rent of factory, water bill (if water is not related ...
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