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Materials Budget Vs. Factory Overhead Budget
Materials Budget Vs. Factory overhead Budget
After deciding the volume of sales and the volume of production, it is necessary to estimate the cost of producing the budgeted output. Cost of production comprises of materials; labor and overhead .A separate budget for each of these items is prepared.
Difference Between a Budget and a Forecast
Difference between a Budget and a Forecast
A budget needs to be differentiated from a forecast. A forecast is a statement of probable events. It is basis for preparing plans and budgets. A budget is generally evolved from the forecast. In this discussion basically we will try to drawn a line of difference between a Budget and a Forecast
Forex Exchange, Best Mode of Buying and Selling Currencies
In this topic, you will learn some facts about Forex exchange and the process of trading.
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Receipts and Payments Accounts
Receipts and payments Account
Meaning : Receipts and Payments Account is a summary of cash transactions appearing in the Cash Book. It is prepared at the end of the year from the Cash Receipts Journal and Cash Payments Journal. All the receipts and payments during an accounting period are included in it under suitable headings. For example, subscriptions received from members on different dates appear in the cash book but the total subscriptions received during the year appear in the Receipts a...
Types of Costs
Types of Cost
Outlay Costs and Opportunity Costs
Outlay or actual costs are the costs which a firm incurs while producing or acquiring a product or service. These costs are recorded in the books of account. These are also known as acquisition costs or out of pocket costs. On the other hand, opportunity cost or alternative cost are the benefit from the second best use of the firm's resources which are foregone in order to avail of the return from the best use of resources. For example, a busine...
Income and Expenditure Account
Income and Expenditure Account
Meaning : Income and Expenditure Account is a summary of all incomes and expenses relating to the current accounting year. It is prepared with the object of finding out the surplus or deficit of current incomes over current expenses. It is similar to Trading and Profit and Loss Account of a trading concern and is prepared in the same manner. Income and Expenditure Account is primed on 'accrual basis'. Income is a receipt of recurring nature and it is not meant for...
The Standard Setting Process of Accounting in the Philippines
The evolution of the accounting standard process in the Philippines
How to Prepare Profit and Loss Account?
How to prepare profit and Loss account?
The main items which appear in the Profit and loss Account are given below.
• Office and Administration Expenses : These expenses are incurred on day to day administration of the business. These include office rent, office lighting, office salaries, insurance, postage and telegrams, stationery and printing, audit fees, legal expenses, telephone charges, rates and taxes, general expenses, depreciation on fixed assets, etc. These are all shown on the d...
Format of Balance Sheet
Format of Balance Sheet
A Balance Sheet is prepared to show the financial position of business. Therefore, assets and liabilities in it should be arranged in a systematic manner so that the financial position can be easily understood.
The exact form of Balance Sheet depends upon the order in which assets and liabilities are arranged in it. The process of arrangement of assets and liabilities in the Balance Sheet is known as "Marshalling of Balance Sheet".
Elements of Cost
Elements of Cost
Profit or loss is the difference between total cost and total revenue of business. Therefore, a clear understanding of costs and revenues is necessary for profit planning and control.
Concept of Cost
The term 'cost' generally means the amount of expenditure (actual or notional) incurred on, or attributable to, a given thing. Its interpretation depends upon:
• The nature of the business or industry.
• The circumstance in which it is used.
In a business where selli...
Direct and Indirect Costs
Direct and Indirect Costs
Material, labor and other expenses which are directly or easily traceable to a product, service or job are known as direct costs. In the production of an article, materials are purchased, wages are paid to workers and certain other expenses are incurred directly. All these take an active and direct part in the manufacture of a product and are, therefore, called direct costs. These costs have a direct relationship with a product, process or department of the firm.
Classification of Assets and Liabilities
Classification of Assets and Liabilities
Proper classification of assets and liabilities is necessary as otherwise the Balance Sheet may fail to provide meaningful information. The various items of assets and liabilities in the Balance Sheet should be properly grouped.
Classification of Assets
Balance Sheet
Balance Sheet
Balance Sheet means a financial statement which sets out the assets and liabilities of a trading or non-trading organization as on a certain date. It is called Balance Sheet because it is a sheet of those ledger accounts which have not been closed by transferring to Trading Account and Profit and Loss Account.
Thus, Balance Sheet is a statement of the financial position of a concern on a given date.
How to Prepare a Trading Account?
How to prepare a Trading Account?
Let us now consider the individual items recorded in the Trading Account.
(i) Opening Stock : This means the closing stock of the previous year. In the first year of business there will be no opening stock. In a trading concern the opening stock consists of finished goods only. But in a manufacturing concern, it comprises raw materials, work in progress, and finished goods. Opening stock is the first item on the debit side of the Trading account.
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