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The cost control system is an integral part of the overall organizational decision support system. The cost control system focuses on intra-organizational information and contains the...
There are many types of cost variance, which fall into the two general categories of price and efficiency variances. The price variance is the difference between...
To keep stay in a business (any businesses), benchmarking is critical. But to be honest, many of us have not realy understand yet; what benchmarking really is and...
The most important element in successful “fixed asset management” is a comprehensive single record of all the information necessary about each individual physical asset. This single...
Some organizations avoid the hassle of closing the books every month, instead focusing on a quarterly close. This is most common for entities that are publicly...
The classical view of inventory data collection is that of employees filling out forms of various kinds throughout the warehouse and production areas, which are then...
The “Cost Of Credit“ is used to determine the cost of “not–taking–a–discount–offered–by–a–supplier“. It is used by the purchasing department as a negotiating tool so that a...
Organizations assume risks in the normal conduct of doing business. These risks represent potential damaging events that might produce losses. Controls or safeguards are installed to...
This post covers a complete revenue recognition policies and procedures that you can actually apply into a business, a real business. This policies and procedures is...
Completing the exam is one of the greatest accomplishments an accountant can achieve. Completing a degreed accounting program is an accomplishment to be proud of, but...
Disposition of under-applied or over-applied overhead depends on the significance of the amount involved. If the amount is immaterial, it is closed to Cost of Goods...
The predetermined overhead rates are used throughout the year to apply overhead to Work in Process Inventory. Overhead may be applied as production occurs, when goods...
Direct material and direct labor are easily traced to a product or service. Overhead, on the other hand, must be accumulated over a period and allocated...
Accountants should not submit un-audited financial statements of a nonpublic entity to a client or a third party, unless the accountant has at least complied with...
A real estate project is considered substantially completed and held available for occupancy upon completion of tenant improvements by the developer, but no later than one...
In real estate properties that are intended for rent or sale after development is completed, leasing and selling activities generally occur throughout the acquisition, development, and...
One is sometimes called upon to make sales forecasts or verify those made by the sales and marketing departments. One of the better approaches for doing...
There are several tools used to conduct financial analysis. One is a database of accounting information, in which an analyst can roam for days, tracking down...