Job Costing: Examination Guide and Format on Job Costing
Job Costing Overview: Introduction Whats is Job Costing? It is a form of specific order costing in which costs are attributed to an individual job. Job Costing is also referred to as unit costing. It is an order for goods or services made to a producer (the jobbing firm) with a defined specification. NB: A …
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Cost Accounting Definition – Introduction to Cost Accounting
Cost Accounting can be defined as a system put in place by the management to generate the amount incurred in the production of goods and services so as to determine the cost of production and profit generated in the organization. NB: Profit in an organization is determined by the relationship between revenue and cost. If …
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EOQ – Definition & Assumptions of Economic Order Quantity
What is Economics Order Quantity (EOQ)? This is the re-order quantity where the total relevant cost of inventory is minimized. EOQ is also known as optimal re-order quantity. It also the ordering quantity at which the control cost ordering is minimized. See also, Inventory Control Summary. Subscribe to our YouTube channel so as not to …
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Reflection and Refraction of Light – Physics
REFLECTION OF LIGHT Light is a form of energy that causes the sensation of vision. There are natural and artificial sources of light. Natural Sources: Sun, stars etc… Artificial Sources: Bulbs, fluorescent tubes, candles, lamps, torches, arc light etc… LUMINOUS OBJECTS: These are objects that generate and emit light by themselves. Examples are the sun, stars, …
Questions on Coordinate Geometry
What is Co-ordinate Geometry? Co-ordinate geometry is a branch of geometry where the position of the points on the plane is defined with the help of an ordered pair of numbers also known as coordinates. (kindly use the comment box below to ask a question). Subscribe to our YouTube channel so as not to miss …
Entrepreneur – Practice of Entrepreneurship (Summary)
Who is an Entrepreneur? An entrepreneur is a person who makes money by starting or running a business(es), especially when this involves taking a financial risk(s). An entrepreneur should have the ability to come up with a creative solution(s) to needs or problems and market them. Entrepreneurship is the response of a person or organization, …
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Indifference Curve – Definition, Schedule & Properties
The Indifference Curve Analysis approach was first introduced by Slutsky, a Russian Economist in 1915. Later it was developed by J.R. Hicks and R.G.D. Allen in the year 1928. What is Indifference Curve? Koutsoyiannis (1985) defines the indifference curve as the locus of points particular combinations or bundles of goods which yield the same utility …
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Bookkeeping, Accounting and the Double-Entry Principle
Principles of Bookkeeping And Accounting. Thousands of years ago, there were no standard permanent records of business transactions, but with the advancement of education and civilization, accounting data are recorded in books, hence, the term bookkeeping. The goal of the summary is to give you an insight into Bookkeeping, Accounting, and Double-entry Principles. Also, to …
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Suspense Accounts, Errors, and its Corrections
Suspense Accounts, Errors, and its Corrections In this article, you are going to learn all that it entails in preparing an Error and Suspense Accounts. Basically, you will learn about the errors and its correction, procedures to locate errors, unrevealed errors in the trial balance, suspense accounts and much more. Subscribe to our YouTube channel …
Branches of Accounting – 8 Types of Accounting
Accounting can be classified in various ways. This includes Accounting as an information system, Accounting as a Profession, Public Accounting, Private Accounting, Government Accounting, Financial Accounting, Cost Accounting, and Management Accounting. Branches of Accounting Financial Accounting is prepared to ascertain the strengths and weaknesses of an organization in terms of Profit and Loss of the …
Labour Cost – Classification of Labour Cost
There are different methods used in calculating labour cost. In this article, I will talk more about the three methods which fall under the PRODUCTIVITY SCHEME – they are; Halsey Bonus Scheme, Halsey Weir Bonus Scheme, and Rowan Bonus Scheme. Labour Cost Labour refers to humanitarian efforts in the production or rendering of services (Both …