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Preparation of Trial Balance

Following Steps are involved in the preparation of a Trial Balance: All Ledger Accounts are closed at the end of an accounting period. Ledger balances are posted into the trial […]

Ledger Posting

After journal entries are made, the next step in the accounting cycle is to post the journal entries into the ledger. Posting refers to the process of transferring entries in the journal into the accounts […]

Subsidiary Books

Subsidiary Books of Account Also known as special purpose books, special purpose subsidiary books, and subsidiary books of accounts are various books recording financial transactions of a similar nature. They […]

Perpetual Inventory Control

Perpetual inventory is a method of accounting for inventory that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software. […]

Material Cost Accounting

Material cost is the cost of materials used to manufacture a product or provide a service. Excluded from the material cost is all indirect materials, such as cleaning supplies used […]

Preparation of Cost Sheet

A cost sheet shows every expense involved in creating a product. Companies and contractors prepare cost sheets to show clients how much money it costs to provide services, perform repairs […]

Classification of Cost

The following points highlight the five main types of classification of costs. 1. Cost Classification by Nature 2. Cost Classification in Relation to Cost Centre 3. Cost Classification by Time […]

Objective Of Cost Accounting

Cost accounting is the classifying, recording and appropriate allocation of expenditure for the determination of the costs of products or services, and for the presentation of suitably arranged data for […]

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