Definition and Explanation The definition of activity-based costing is a management accounting approach to the costing and monitoring of activities which involves identifying the activities the bring about specific costs. It is a costing system that focuses on activities performed to..
The effective functioning of a company is possible with the availability of certain economic resources used for the production of products or the provision of services. In the financial world, everything that a firm has and uses in production is called..
Definition The definition of outstanding checks is checks written by us and sent to the payee. If the payee has not deposited the check, it will not be reflected in our bank account and stay outstanding. It is considered to be..
Definition The matching principle is an international accounting principle, which means that all the revenues should be attributed to the period of sale, delivery of goods and provision of services and that only those expenses are recorded in the reporting period..
March 09, 2021Charles Lutwidge
The chart of accounts is one of those bookkeeping basics that you should know before you can start learning more advanced material. Without knowing this concept, it will be practically impossible to maintain proper bookkeeping records, especially for a larger company...