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 […]
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What is a Control Account? Control Account is a memorandum account into which are transferred in totals, the various amounts of the transactions which have been debited or credited in details to an individual ledger account. Subscribe to our YouTube channel so as not to miss a tutorial video. Control Account in Respect of
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Bank Reconciliation Statement A bank reconciliation statement is a statement drawn up to verify the cash book balance of an organization with the bank statement sent by its bank. A bank statement is the statement of account as kept by the bank on behalf of its customer for a transaction made by the customer through
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Accounting is no doubt, the universal language of business and figure. Those that fluently speak the language are called accountants. Without appreciating the importance of accounting, business and financial environment will be full of financial trouble, global economic meltdown and lack of direction. Now, what are the importance of Accounting? Subscribe to our YouTube channel
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In this summary, you will learn the definition of the term Contract Costing, The Characteristics and Problems associated with a Contract, Terminologies in Contract Costing, Accounting for Contracts and the Format for Calculating Notional Profit. What is Contract Costing Contract Costing is a form of specific order costing method used for a project which takes
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Overhead costs are those costs that cannot be traced directly to the level of activities of an organization. The overhead cost can be further described as “the cost of indirect materials, indirect labor, and indirect expenses”. Subscribe to our YouTube channel so as not to miss a tutorial video. What are Indirect Costs? Indirect
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Vitiating Factors are statements that drastically destroy or reduce the effectiveness of something or an agreement or contract which causes it to become faulty or makes it invalid. Vitiating Factors Affecting a Contract are: Mistakes. Misinterpretation. Duress. Undue influence. Illegality. Check out this post on “How To Answer Case Study Questions.” Mistakes: They are categorized
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OBJECTIVES OF MANAGEMENT In this article, you”ll learn the Objectives of management, Importance of management to modern day organization, and differences between Management and Administration. Feel free to leave a comment or questions below. The main objectives of managements are: To get maximum results with minimum efforts for the betterment of employers, employees, and the
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This article will help you understand the wave parameters, classes, types, and properties of waves. you will also read on Interference, properties of sounds etc… Waves and Sounds A Wave is a disturbance which travels through matter or space and carries energy from one point to another without permanently displacing the particles of matter. The
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In law, a partnership is not a charitable organization or a social club. The partnership is therefore expected to make a profit which is to be shared according to the laid down regulation. Partnership Law Section 1 of the partnership act states that “Partnership is the relation which subsists between persons carrying on a business
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A business idea is a concept that can be used for financial gain that is usually centered on a product or service that can be offered for money. An idea is the base of the pyramid when it comes to the business as a whole. There are billions of entrepreneurs throughout the world and their
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Linear Programming is a mathematical method used to allocate scarce resources. It is a technique used to optimize the value of some objective when the factors so involved are subject to some constraints. (kindly use the comment box below to ask a question). Subscribe to our YouTube channel so as not to miss a tutorial
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