Contract Accounting

•Factory Ledger
It is often practical for a manufacturing concern to include a factory ledger in its accounting system. Generally, this procedure is followed when manufacturing operations are far-flung from the main office, or when the nature of such operations requires a large number of accounts. Some accounts relating to manufacturing are kept in factory office books while other are kept in general office books. What accounts and other records be kept in the factory journal and ledger and what accounts and...

•Need and Importance of International Accounting Standards IAS
Financial reporting frameworks were initially developed within each country, resulting in significant differences of reporting standards across national boundaries. This caused reporting problems for multinational companies and difficulties for stock market analysts, international investors and economic agencies such as the World Bank and International Monetary Fund. As this information is used to support global investment decisions and to account to international providers of funds, national...

•The Role of Accounting in Business Organizations
Accounting information is used in all economic activities, form a kindergarten or a social club, through complex business organizations to national and international authorities. Accountants 'keep the score' of business events, by recording, analyzing and reporting the results for two main reasons: 1. To support (and improve) future decisions - particularly by management 2. To discharge accountability to the providers of the funds used - either higher levels of management or, externally, to...

•managerial Skills Articals
A manager's job is varied and complex. Managers need certain skills to perform the duties and activities associated with being a manager. What type of skills does a manager need? Research by Robert L. Katz found that managers needed three essential skills. These are technical skills, human skills and conceptual skills. Technical skills include knowledge of and proficiency in a certain specialized field, such as engineering, computers, cost accounting and management accounting, or manufacturing....

•Financial Statement Analysis
All financial statements are essentially historically historical documents. They tell what has happened during a particular period of time. However most users of financial statements are concerned about what will happen in the future. Stockholders are concerned with future earnings and dividends. Creditors are concerned with the company's future ability to repay its debts. Managers are concerned with the company's ability to finance future expansion. Despite the fact that financial statements...

•Variable Direct Costing
Variable costing is very important element of cost and management accounting. Variable costing charges products with only those manufacturing costs that vary directly with volume. Only prime costs (direct materials and direct labor) plus variable factory overhead expenses are assigned to inventories, both work in process and finished goods, and to the cost of goods sold. Thus, these variable costs are charged to the product while fixed manufacturing costs are totally expensed in the current...

•Factory Overhead Departmentalization
Departmentalization of factory overhead means dividing the plant into parts or sections called departments or cost centers to which expenses are charged. From the accounting point of view, the division of plant into separate segment according to some logical form provides more accurate results and better control. More accurate costing of jobs and products is possible because each department will be charged with overhead rates which are reasonable for that department. A job or product going...

•Financial System of More and Less Devolped Countries
In more developed nations, monetary and financial policy plays a major direct and indirect role in governmental efforts designed to expand economic activity in times of unemployment and surplus capacity and to contract that activity in times of excess demand and inflation. Basically, monetary policy works on two principal economic variables: the aggregate supply of money in circulation and the level of interest rates. Expressed in traditional terms, the money supply (currency plus commercial...

•Financial and Cost Statements
An indispensable part of any system of accounting is programmed of periodical statements and reports to inform management of the current financial position of the business and of the progress made by, and the costs incurred for, each process, department and division. The number of statements and reports and their characters differ according to the requirements of management of each business enterprise. The following statements and supporting cost reports are commonly prepared for the...

•Why Study Managemaet
You may be wondering why you need to study management. If you are an accounting major, a marketing major, or an major other than management, you may not understand how studying management may help you in your career. We can explain the value of studying management by looking at the universality of the management, the reality of work, and the rewards and challenges of being a manager. The Universality of Management: Just how universal is the need of management in organizations? We can say...