How to Calculate Notional Profit (PDF)
NB: When the contract is between 30% and 80%, 2/3 is the generally accepted fraction in order to arrive at a uniform answer.
accounting
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 …
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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 …
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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 …
Control Account Definition – Uses & Adv. of Control Account
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 …
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Importance of Accounting in an Economy
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 …
Contract Costing – Format for Notional Profit
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 …
Questions on 1,2,3 Column Cash Book
Welcome back! I believe you have read extensively and also watched one of my videos on the Cash Book Accounting? if yes, then proceed to answer the questions below but …
10 Questions on Subsidiary Books
Question 1 You are to enter up the sales journals for the following details. Post items to the relevant accounts in the sales ledger and then show the transfer to …
1, 2, 3 Columns Cash Book +Video Guide
The cash book is a subsidiary book of first entry for all cash transactions. It is also a ledger book because it has a balance at the end of the …
Subsidiary Books of Accounting; Types & Summary
What are Subsidiary Books? Subsidiary books are books of prime entry used to record source documents arising from business transactions before posting to the ledger. Subscribe to our YouTube channel …
Ledger Accounts and Trial Balance +Video Guide
Ledger Accounts and Trial Balance. In this article, Ledger Accounts, you are going to learn the definition of the term “Trial Balance”, the rules for identification of balances, characteristics of …