Accounting is described as the language of the business. Financial accounting is important branch of accounting. Financial Accounting is associated with recording, classifying and summarizing financial transactions and preparing statements relating to the business according to generally accepted accounting concepts …

Cost accounting is associated with accounting of the cost. It comprises of Cost and Accounting. The term cost signifies the total of all expenditures involved in the process of production. Thus, it includes the costs involved in the production and …

Business climate is changing rapidly in current scenario therefore management needs every day and accurate information about the business and costs incurred to take wise decisions to avoid all possible wastages and losses and to augment the effectiveness of the …

The budget is a vital part of planning and control and it represents as significant mechanism for performance evaluation. The budget is a document designed to assess income and expenditure over a time period usually the previous year and altered …

Financial statements in financial document used to indicate the financial position of a business at particular moment of time. The statement is prepared at the end of each financial year using accounting basis (Zoan NG, 2014). Several management experts have …

Inventory is current assets and it comprises of major part of financial statement in business and manufacturing concerns (Rajasekaran V., 2011). An inventory valuation is important process which assists company to provide a monetary value for items that comprise their …

Costing is a significant process of determining cost. Kohler described cost accounting as branch of accounting dealing with the classification, recording, allocation, summarization and reporting of current and prospective costs. According to Mr. Wheldon, cost accounting is “the classifying, recording …

Overhead cost control is used by Small-business owners to monitor, distribute and reduce their overheads. Expenses that cannot be conveniently identified with a specific product or activity is termed as overhead. Unlike material and production labour, overhead is indirect and …

In business realm, reconciliation may be represented as process of tallying the working results or profit as shown by cost accounts with that of financial account. Eric Kohler described that reconciliation is the determination of the items necessary to bring …

In management accounting, notion of relevant costing has great significance because these costs are pertinent with respect to a particular decision. A relevant cost for a particular decision is one that transforms if an alternative course of action is taken. …

Generally Accepted Accounting Principles (GAAP) is described by management theorists as the standard framework of guiding principle for financial accounting used in any given authority. These are normally known as accounting standards. The notion of Generally Accepted Accounting Principle includes …

Financial statements are the summaries of the operating, financing and investment activities of business. It must give useful information for investors and creditors in making investment, credit and other business decisions (Pamela, 1999). Financial statement analysis in accounting arena is …

In fast growing business world, major goal of organizations is to reduce the cost of production and control the cost as there are limited resources in business and manufacturing concern. Cost accounting has numerous significant tools in order to attain …