FAQ 1. What is Financial Accounting? Accounting is a term we have been familiar since our F.Y.J.C as commerce students, the basics of knowing what to earn and how to spend is not something that is not new to us. Financial accounting is the subject that helps us keep track...
Objectives of Branch Accounting The main object of keeping branch accounts is dependent on the nature of the business and specific need of a particular branch. The objectives of keeping the branch accounts acceptable to all business are (i) To know the profit or loss of each branch...
Treatment of Certain Branch Transactions Branch expenses paid by the branch out of petty cash: Such expenses will be deducted from the branch cash and at the close reduced balance of cash will be shown on the credit side of the branch account as such expenses need not be...
When the goods are sent by the head office to the branch at invoice price i.e., cost plus some percentage of profit, the branch manager is required to sell the goods at invoice price only. Goods are marked on invoice price to achieve the following objectives: (i) In order...
A Bin card, also known as Bin Tag or Stock card, is a card showing quantitative record of the receipts, issues and closing balances of the material kept in the corresponding bin. The Bin card is placed in the bin or shelf or is hung over the almirah or...
Material Control and its Requirements “ ‘Material Control’ may be defined as the regulation of the procedures for requisitioning, buying, receiving, storing, handling and usage of materials”. The main requirements of a system of material control are: Planning and fixation of definite responsibility for each function of material....
Maintenance of Stock Levels The next important point after determination of EOQ is to decide as to when the order for purchase should be placed. The answer is simple. The order for purchase should be placed when the stock is reduced by usage to the Order Point. The Order...
Order Point It is also known; ‘Ordering Level’; or ‘ Recorder Point’, or ‘Reordering Level or ‘Ordering Limit’, it has been stated earlier that Order Point is at which order for supply of materials or goods is placed. To decide the Order Point, three factors are considered, viz., (1)...
Economic Order Quantity This represents the normal quantity to be placed on order when the stock has reached its re-order level. Re-ordering quantity is to be fixed taking into account the maximum and minimum stock levels. The quantity ordered must be that which, when added to the minimum stock,...
The important factors of purchase cycle to be decided are: a) What to purchase; b) When to purchase; and c) How much to purchase. After receiving the Purchase Requisitions, the next step is to select the suppliers to whom the orders may be sent for the supply....
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