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  • Home
  • Financial Accounting
  • Cost Accounting
  • Q & A
  • Short questions
  • MCQs
  • Accounting Terms

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Realized gains or losses

November 26, 2019 by Abbas Ahmad

What are realized gains or losses? The difference between expenses on a current cost basis and on a historical cost basis, which represents the holding gains or losses the firm has realized through sales or use in the current period.

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Research and Development Costs

November 22, 2019 by Abbas Ahmad

What are the research and development costs? Those expenditures incurred in discovering, planning, designing, and implementing a new product or process are called research and development costs.

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Retail Method Definition

November 22, 2019 by Abbas Ahmad

What is Retail Method? A method of estimating inventory by which the inventory is taken at retail prices and then converted to cost is called the retail method.

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Receivable Turnover Ratio Definition

November 21, 2019 by Abbas Ahmad

What is a Receivable Turnover Ratio? A ratio determined by dividing credit sales by the average account receivable for the period. Formula Receivable Turnover = Credit sales / Average Account Receivable

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Return on Assets Ratio Definition and Formula

November 20, 2019 by Abbas Ahmad

What is Return on Assets Ratio? – Definition The return on assets is the ratio determined by dividing the net income by the average total assets. Formula Return on Assets = Net Income / Average Total Assets

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Reversing Entries Definition

November 18, 2019 by Abbas Ahmad

What is meant by Reversing Entries? Reversing entries are the entries made on the first day of a new accounting period that reverse certain adjusting entries to allow the routine recording of certain entries.

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Residual Value or Salvage Value Definition

November 18, 2019 by Abbas Ahmad

What is meant by Residual Value? Residual value or salvage value is an estimate of an asset’s worth at the end of its useful life.

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Realization Principle Definition

November 16, 2019 by Abbas Ahmad

What is Realization Principle? Realization Principle is the principle accountants follow to determine when revenue should be recognized.

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Real Accounts Defintion

November 16, 2019 by Abbas Ahmad

What is meant by Accounting term Real Accounts? Real Accounts are the balance sheet accounts (including retained earnings), the balances of which extend beyond the accounting period.

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Revenues Definition

November 13, 2019 by Abbas Ahmad

What is meant by the term revenues? Revenues are the price of goods sold or services rendered by a firm to others in exchange for cash or other assets.

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Retained Earnings Statement Definition

November 13, 2019 by Abbas Ahmad

What is the retained earnings statement? Retained Earnings statement is a financial statement which details the changing in the retained earnings account for a certain period.

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Reliability Definition

November 13, 2019 by Abbas Ahmad

What is meant by the term reliability? Reliability term meaning that the accounting information is unbiased, accurate, and verifiable.

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Relevance Definition

November 13, 2019 by Abbas Ahmad

What is meant by term Relevance? Relevance is a qualitative characteristic requiring that accounting information be impactful in a user’s decision.

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Financial Accounting Topics

  • Computerized Accounting
  • Adjusting Entry for Accrued Income
  • Accounting Conventions
  • Creative Accounting
  • Window Dressing
  • Enterprise Value
  • Carrying Value or Book Value
  • Indifference Analysis
  • Combined Leverage
  • Financial Leverage

Cost Accounting Topics

  • Goods in transit
  • Periodic Inventory System
  • Factory Overhead Practical Problems and Solutions
  • Important Techniques of Factory Overhead Costing
  • Important techniques of labour costing
  • Labour Costing Practical questions with answers
  • Job Order Costing Examples, Practical Problems and Solutions
  • Predetermined Overhead Rate
  • Cost of production report (CPR) questions and answers
  • Incentive Plans

Question and Answers

  • Financial Reporting
  • Inventory Control System
  • Statement of changes in working capital
  • How to measure the acquisition cost of property, plant and equipment?
  • Comparison Between Different Cost Flow Assumptions
  • Application of different Cost Flow Assumptions
  • How to Determine the Cost of Ending Inventory
  • Methods of Estimating Ending Inventory
  • Lower of Cost or Market (LCM) Theory
  • Perpetual Inventory System

Cost Accounting MCQs

  • Introduction to cost accounting – MCQs quiz
  • Process Costing MCQs
  • Specific Order Costing MCQs
  • Overhead Costing MCQs
  • Labour Costing MCQs
  • Material Costing MCQs
  • Cost Concept, Analysis and Classifications MCQs
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