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what is mean by accounts
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Answer / kolawole
Accounts is the way of keep records of money spent and recieved
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / ram
accounts is a process.
which one is involves in all business or company
transactions called accounts.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / shankar_285
accounts is mean by maintain books,p&l accounts,balance sheet, schedule etc......,
| Is This Answer Correct ? | 5 Yes | 3 No |
Answer / anchit saxena
accounting is the requirement for all of the business
entity so every business entity keeps maintain their books
of accounts on accrual basis without maintaining of
accounts we can't get a clear picture of the concern.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / riyasdeen
accounts means recording of company transaction records
like expenses and losses
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / banoj kumar swain
IT IS A STATEMS WHERE ALL THE TRAANSACTION WERE EXPLAINED
IN TERM OF DEBIT AND CREDIT
| Is This Answer Correct ? | 1 Yes | 2 No |
1. During the current period, ABC Ltd sold 60,000 units of product at Rs. 30 per unit. At the beginning for the period, there were 10,000 units in inventory and ABC Ltd manufactured 50,000 units during the period. The manufacturing costs and selling and administrative expenses were as follows: Total cost Number of units Unit cost Rs. Rs. Beginning inventory: Direct materials 67,000 10,000 6.70 Direct labour 1,55,000 10,000 15.50 Variable factory overhead 18,000 10,000 1.80 Fixed factory overhead 20,000 10,000 2.00 Total 2,60,000 26.00 Current period costs: Direct materials 3,50,000 50,000 7.00 Direct labour 8,10,000 50,000 16.20 Variable factory overhead 90,000 50,000 1.80 Fixed factory overhead 1,00,000 50,000 2.00 Total 13,50,000 27.00 Selling and administrative expenses: Variable 65,000 Fixed 45,000 Total 1,10,000 Instructions: 1. Prepare an income statement based on the variable costing concept. 2. Prepare an income statement based on the absorption costing concept. 3. Give the reason for the difference in the amount of income from operations in 1 and 2.
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