Lessor and Lessee

Lessor and Lessee are two parties to a lease agreement. An agreement or a contract by which the owner (lessor) of a specified asset grants permission to another party …

Notes Payable

Definition of Notes Payable When a company issues promissory notes, it maintains the records of the amount of promissory notes issued in a ledger account. Such account is termed …

Traditional Budgeting

Meaning of Traditional Budgeting Traditional budgeting is a method of preparation of the budget in which last year’s budget is taken as the base. Current year’s budget is prepared …

Activity Based Budgeting

Activity based budgeting is a budgeting method in which budgets are prepared using Activity Based Costing after considering the overhead costs. In simple words, activity based budgeting is management …