FOB Destination – Meaning, Types, Importance And More
Free on Board Destination or FOB Destination is one the International Commercial Terms (Incoterms) from the International Chamber of Commerce (ICC). It indicates the point at which the title …
Work in Progress – Meaning, Importance, Accounting And More
Work in Progress or WIP, as the name suggests are the goods that are not complete and are at some stage of production. The item is inclusive of entire …
MACRS – Meaning, Importance, Calculation And More
MACRS or the modified accelerated cost recovery system is the system of calculating tax deductions on depreciation in the United States. Under this, the manager assigns each fixed asset …
Accrued Expense – Meaning, Accounting Treatment And More
Accrued expense or accrued liabilities is the term describing the payments or expense that the company incurs or recognize but would be due for the payment in the future. …
Financial Planning
A firm should be managed effectively and efficiently. This means that the firm should be able to achieve its objectives by using minimum resources. Financial planning indicates a firm’s …
Income Statement
There are four Financial Statements which are prepared during an accounting year. In this article, we will focus our attention on the Income Statement. We will learn what the …
Types of Cost Accounting
There are four major types of cost accounting: Standard cost accounting, Activity-based cost accounting, Marginal Cost Accounting, Lean Accounting.
Chart of Accounts – Meaning, Importance And More
Chart of Accounts or CoA is the record of all accounts of a company pooled at one place. A company usually makes hundreds of transactions daily. So, how the …
IT Due Diligence – Meaning, Scope, Checklist
Information technology is a phenomenon that has gained massive popularity and immense growth since the early 2000s. Any business, small or big, cannot survive without using at least some …
Impairment Cost – Meaning, Benefits, Indicators And More
Impairment Cost or charge is the drop in the value of an asset on a permanent basis. Whether the asset is tangible or intangible, it is prone to impairment. …
