Departmental Stores serve not only as a big market but also as a faithful friend. Departmental stores offer valuable services to customers. Almost all the goods of daily use are provided to them under one roof. One of the most important aims of accounting is the segregation and recording of activities, whether of buying or selling of production, administration, or … [Read more...] about Departmental Stores Accounts: Methods, Importance (Explained)
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Top 18 Questions Answers on Budgetary Control
Budgetary Control - Explained Following is the Q&A on budgetary control: 1. What do you understand by budget? Budgetary control is a control procedure adopted for attaining targets determined in the budget. A budget is a financial and/ or quantitative statement prepared prior to a defined period of time for the policy to be pursued during that period for … [Read more...] about Top 18 Questions Answers on Budgetary Control
Top 20 Questions and Answers on Standard Costing
Standard costing is a method of ascertaining the costs prepared to exhibit standard cost and actual costs, and the difference between these costs is termed a variance. Standard Costing Questions and Answers Following are the top standard costing question answers: 1. What do you mean by standard cost? Standard cost is a predetermined cost that determines what each … [Read more...] about Top 20 Questions and Answers on Standard Costing
Explained – Marginal Costing and Cost Volume Profit Analysis
Marginal Costing and Cost Volume Profit Analysis: Q&A Marginal costing is the ascertainment of marginal cost and its effect on profit of changes in volume or type of output by differentiating between fixed cost and variable cost. 1. What do you understand by marginal cost? It is the amount by which aggregate cost is changed if the volume of output is increased or … [Read more...] about Explained – Marginal Costing and Cost Volume Profit Analysis
Reconciliation of Cost and Financial Accounts Problems and Solutions
Reconciliation of Cost and Financial Accounts: Q&A 1. Why cost and Financial Accounts are Reconciled? Cost and financial accounts are reconciled to verify the accuracy of both accounts. 2. What is the object of Reconciling cost and Financial accounts? 3. What are memorandum Reconciliation Accounts? A memorandum reconciliation account is basically a … [Read more...] about Reconciliation of Cost and Financial Accounts Problems and Solutions