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Basic Economy Problems


Basic Economy Problems
To achieve maximum satisfaction, people need making the best choice as the guide, so five economics basic question need to be answered first. 1. What to produc…
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Economy - Meaning, Positive and Normative Economy


Economy - Meaning, Positive and Normative Economy
Definition:  The term of economy is existence from Yunani. The word of Yunani , “OIKAU”defined as household and “NOMOS” defined as rules. From the words, the Y…
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Introduction of Standard Costing System in an Establishment


Introduction of Standard Costing System in an Establishment
Introducing standard costing in any establishment requires the fulfillment of following preliminaries: 1.  Establishment of cost centers; 2.  Classification an…
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Essentials or Preliminaries before Setting Standard


Essentials or Preliminaries before Setting Standard
While setting standard cost for operations, process or product, the following Preliminaries must be gone through: 1.  There must be Standard Committee, similar…
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Variance and Variance analysis


Variance and Variance analysis
Control is a very important function of management. Through control, management ensures that performance of the organisation conforms to its plans and objectiv…
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Standard Costing - Meaning, Advantages and Disadvantages


Standard Costing - Meaning, Advantages and Disadvantages
Standard Costing:  Cost control is a basic objective of cost accountancy. Standard costing is the most powerful system ever invented for cost control. Historic…
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Responsibility Accounting - Meaning, Roles and Responsibility Centres


Responsibility Accounting - Meaning, Roles and Responsibility Centres
Concept And Meaning:  Responsibility accounting is a system of dividing an organization into similar units, each of which is to be assigned particular responsi…
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Methods of Preparation of Cash Budget


Methods of Preparation of Cash Budget
Methods of Preparation of Cash Budget:  1.  Receipts and Payments Method  2. Adjusted Profit and Loss Method or Adjusted Earnings Method or Cash Flow Method  …
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Cash Budget - Meaning, Features and Importance


Cash Budget - Meaning, Features and Importance
Cash Budget  A cash budget is a budget or plan of expected cash receipts and disbursements during the period. These cash inflows and outflows include revenues …
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