Ideal Standards Definition: Standards that allow for no machine breakdowns or other work interruptions and that require peak efficiency at all times. Recommended Books ! Or Download E accounting book in MS-word format for just 20 $ - Click here to Download
Ideal Standards Definition: Standards that allow for no machine breakdowns or other work interruptions and that require peak efficiency at all times.
By Products and Joint Products: After studying this chapter you should be able to: Many industrial concerns are confronted with the difficult and often rather complicated problem of assigning costs to their by-products and joint products. Chemical companies, coke manufacturers, refineries, flour mills, coal
By-Products and Main Products: Learning Objectives: Define and explain By-Products. Definition and Explanation of By Products: The term “by product” is generally used to denote one or more products of relatively small total value that are produced simultaneously with a product of greater total
Business Process Definition: Business process is a series of steps that are followed in order to carry out some task in a business.
Bureaucracy (in Management) Definition: A form of organization characterized by division of labor, a clearly defined hierarchy, detailed rules and regulations, and impersonal relationships.
Budgeting and Planning: After studying this chapter you should be able to: Understand why organizations budget and the processes they use to create budgets. Prepare a sales budget, including a schedule of expected cash receipts. Prepare a production budget. Prepare a direct materials budget,
Budgeted Income Statement: Definition and Explanation: A budgeted income statement can be prepared from the data developed in: Sales budget Ending finished goods inventory budget Selling and administrative expense budget Cash budget The budgeted income statement is one of the key schedules in the
Budgeted Balance Sheet: Definition and Explanation: The budgeted balance sheet is developed by beginning with the current balance sheet and adjusting it for the data contained in other budgets. Example | Sample of Budgeted Balance Sheet: Following is the budgeted balance sheet of Hampton
Budget Variance Definition: A measure of the difference between the actual fixed overhead costs incurred during the period and budgeted fixed overhead costs as contained in the flexible budget.
Budget Definition: Budget is a detailed plan for the future, usually expressed in formal quantitative terms.
Budget Committee Definition: A group of key management persons who are responsible for overall policy matters relating to the budget program and for coordinating the preparation of the budget.
Budget Committee: Learning Objective of the Article: What is a budget committee? What are the functions and responsibilities of a budget committee? Definition: Budget committee is a group of key management persons who are responsible for overall policy matters relating to the budget program
Break Even Point Definition: Break even point is defined as the level of sales at which profit is zero. The break-even point can also be defined as the point where total sales equals total expenses or as the point where total contribution margin equals
Break Even Point Analysis-Definition, Explanation Formula and Calculation: Learning Objectives: Define and explain break even point. How is it calculated? What are its advantages, assumptions, and limitations? Definition of Break Even Point Calculation by Equation Method Calculation by Contribution Margin Method Advantages / Benefits
Break Even Formula ,analysis, definition and Calculation: Learning Objectives: Define and explain break even point equation. How break even point is calculated by formula or methods of estimating break even point? What are its advantages, assumptions, characteristics and limitations? What are the three approaches of break
Branches of Accounting: Learning Objectives: What are the branches of accounting? Accounting has three main forms of branches, viz, financial accounting, cost accounting, and management accounting. These forms of accounting have been developed to serve different types of objectives. Financial Accounting: It is the
Bottleneck Definition: A machine or process that limits total output because it is operating at capacity.