Storage and Use of Materials: Materials, together with copy of the receiving report, or forwarded to the storeroom from the receiving or inspection department. The storekeeper and assistants are responsible for safeguarding the materials, which means that materials and supplies are placed in proper
Strong Culture Definition: Organizations in which the key values are intensely held and widely shared.
Subdivision of Journal: Learning Objectives: What is subdivision of journal? Define and explain cash book and bank reconciliation statement What are the different types of cash book? Write single, double, and three column cash book. Prepare a bank reconciliation statement. Though the principle of
Sub-optimization Definition: An overall level of profitability that is less than a segment or a company is capable of earning.
Sum of the Years’ Digits Method of Depreciation: Learning Objectives: Explain the sum of the years’ digits method of depreciation. Definition and Explanation: Sum of the Years’ Digits Method an accelerated method of depreciation which is also based on the assumption that the loss
Sunk Cost Definition: Sunk cost is any cost that has already been incurred and that cannot be changed by any decision made now or in the future.
Symbolic View of Management Definition: The view that managers have only a limited effect on substantive organizational outcomes because of the large number of factors outside their control.
System Definition: System is a set of interrelated and interdependent parts arranged in a manner that produces a unified whole. System may be a closed system or an open system.
Systems of Accounting: Learning Objectives: Define and explain cash system and accrual system of accounting. There are basically two systems of accounting: Cash System of Accounting. Accrual System of Accounting. Cash system of accounting: Definition and Explanation: It is a system in which accounting
Who is A Certified Management Accountant: A management accountant who possesses the necessary qualification and who possesses a rigorous professional exam earns the right to be known as a certified Management Accountant (CMA). In addition to the prestige that accompanies a professional designation, CMAs
Definition and Explanation of Capital Budgeting: Learning Objective of this article: Define and explain the term “capital budgeting”. What is meant by the term “investment in capital budgeting decisions”? Explain with examples. The term “capital budgeting” is used to describe how managers plan significant
Weighted Average Method–Allocating Joint Product Cost: Learning Objectives: Explain the procedure of allocating joint product cost when weighted average method is used. many industries, the previously described methods do not give a satisfactory answer to the joint cost apportionment problem. For this reason, weight
Weighted Average Method Definition: Issuing materials at an average cost assumes that each lot taken from the storeroom is composed of uniform quantities from each shipment in stock at the date of issue. Weighted average price is calculated by dividing the total cost of
Working Capital Definition: The excess of current assets over current liabilities. Working Capital = Current Assets − Current Liabilities
Workforce Diversity Definition: A workforce that is more heterogeneous in terms of gender, race, ethnicity, age, and other characteristics that reflect differences.
Work-in-Process Definition: Units of product that are only partially complete and will require further work before they are ready for sale to a customer.
Revaluation Method of Depreciation: Learning Objectives: Define and explain the revaluation method of depreciation. When and where this method is used? As the name implies under revaluation method, the assets are valued at the end of each period so that the difference between the
Return on Investment (ROI) Definition: Net operating income divided by average operating assets. It also equals margin multiplied by turnover.