What's it: Accounting cycle refers to the set of processes for identifying, analyzing, and recording accounting events. The cycle starts with identifying transactions and ends with entering these transactions in the financial statements. During
Accounting System
Management Accounting: Meaning, Scope of Work
What's is: Management accounting is a branch of accounting providing information for internal users and corporate decision making.Like financial accounting, the management accounting process also includes identifying, measuring, collecting,
Full Costing: Meaning, Components, Pros, and Cons
What's it: Full costing is a cost accounting technique that considers all the costs of producing a single unit of product, whether fixed or variable overhead. These costs include direct material costs, direct labor costs, and all overhead costs.
Cost Accounting: Meaning, Concepts, and Methods
What's it: Cost accounting is the accounting branch that provides information to help management evaluate costs and production efficiency. It assesses each production step's input costs and the fixed costs to calculate the cost of
Activity-Based Costing: Meaning, Benefits, and How it Works
What's it: Activity-based costing (ABC) is a costing approach in which the company will first identify the activities it undertakes and then determine the resources consumed by each activity. Under this method, the product's cost is based on the
Accrual Accounting: Meaning, Examples, Pros, Cons
Accrual accounting is an accounting method by which companies recognize revenue when earned and record expenses when incurred, regardless of the time of cash. In other words, a company can recognize revenues and expenses even though it has not