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.
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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 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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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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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
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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 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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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 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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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 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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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 if you have not, follow this link to achieve that. There are three questions on the Cash Book Accounting in this post for you. These
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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 the sales account in the general ledger. 20-1 May 1 Credit Sales to C. Blessing N500 May 2 Credit Sales to S. Kris N2,000 May
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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 period like all other ledger accounts. Subscribe to our YouTube channel so as not to miss a tutorial video. What is a Cash Book?
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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 so as not to miss a tutorial video. Types of Subsidiary Books Cash Book: This is the subsidiary book for recording receipts and
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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 items that can be combined, how to balance off the ledger account and the extraction of a trial balance. Read also; 1,2, and 3 Column
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