Outstanding liabilities are those liabilities which have not been paid at the date of the balance-sheet.
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- Capital Expenditure
Capital Expenditure is expenditure which is incurred in purchasing new property which will help the production of goods and hence
Under the percentage-of-receivables basis, management estimates what percentage of receivables will result in losses from uncollectible accounts.
- Activity-based costing (ABC)
Activity-based costing (ABC) is a method of allocating overhead based on each product’s use of activities in making the product.
- Voucher register & Check register
An employee in accounts payable records the voucher which in a journal called a voucher register and files it according to the date on which it is to be paid.
- Budgetary control
The use of budgets in controlling operations is known as budgetary control which consists of (a) preparing periodic budget reports that compare actual results with planned...
A worksheet is a multiple-column form that companies use in the adjustment process and in preparing financial statements. As its name suggests, the worksheet is a working tool.
- Financial accounting
Financial accounting refers to the field of accounting that provides economic and financial information for investors, creditors, and other external users.