by kasi | Jan 4, 2011 | Accounting
When does revenue should be recognized in the books of accounts? The answer to this question is covered in IAS 18 Revenue Recognition under the generally accepted accounting principles (GAAP). It elaborates the precise conditions under which incomes can be recognized... by kasi | Jan 3, 2011 | Accounting
Cost accounting is a subject dealing with the appraisal of overall costs in producing and selling the goods or rendering services by an organization. Normally it is based on standard practices and is used by the managers as a system of assessing what expenses and how... by kasi | Jul 3, 2010 | Accounting
The belief in LIFO costing method is based on the assumption that material issued to manufacturing department should carry the cost of most recent purchase, although the physical flow of material inventory may actually be different. It assumes that the most recent... by kasi | Jun 24, 2010 | Accounting
Conventional financial statements i.e. income statement and balance sheet do not give true picture of the cash flows of the firm. Because income statement incorporates many non-cash expenditures and revenues for the sake of ascertaining profitability. Similarly... by kasi | Jun 20, 2010 | Accounting
Average a simple but important tool for decision making which is used by almost every individual, businessman, and even institutions on daily basis. It would be hard to find a person on this planet who ever have not been used averages to know daily, monthly, or yearly... by kasi | Jun 15, 2010 | Accounting
First in first out is the method of inventory valuation. As the name implies under FIFO method the first unit of raw material received in the stock is to be issued first to manufacturing department. In other words it assumes that the material is issued from the oldest...