The following are the limitations of the financial statements: Financial statements are derived from historical costs. Financial statements... View Article
The distinct stages in accounting are as follows: Identifying and analysing business transactions Recording of transactions in journals... View Article
When the final accounts of a business are prepared it is necessary to provide adjustment entries so that correct accounts can be prepared.... View Article
Real account is an account that retains the ending balance at the end of an accounting period and carries forward that balance as opening balance... View Article
The three golden rules of accounting are: Debit the receiver, credit the giver Debit what comes in, credit what goes out Debit expenses and... View Article
The 4 types of adjusting entries in accounting are as follows: Accrued expenses: It is recognising the expenses before payment in cash.... View Article
Petty cash book is a book used in accounting for recording small and repetitive transactions that are of little value. It records small... View Article
Marginal cost is defined as the extra cost that is incurred to produce one additional unit of output. Average cost is defined as the total cost... View Article
MP becomes negative when TP falls. Also read: Total Product Average Product and Marginal Product Meaning of Demand and Factors Affecting... View Article
Marginal Product: Marginal product is referred to as the change in output seen with per unit change of an input while keeping all other factors... View Article
When MP is zero, the value of TP is maximum. Also read: Total Product Average Product and Marginal Product Meaning of Demand and Factors... View Article
The causes of increasing returns to a factor are as follows: Complete utilisation of the fixed factor Better coordination between factors... View Article
Marginal cost curve is not affected by the fixed cost. Also read: Average Variable Costs Formula How to Calculate Total Variable Cost Fixed... View Article
Following are the causes of the diminishing returns: Lower levels of productivity Limited demand Negative impact on the working environment... View Article
Following are the assumptions of the law of variable proportions: Only one factor is variable while the other factors are constant. This law... View Article
(a) Arithmetic mean (b) Geometric mean (c) Inflation (d) Appreciation Answer: (c) Inflation Wholesale price index along with Consumer price... View Article
The presiding officer of the lower house of the Parliament is the Lok Sabha Speaker. Provisions of his/her and deputy speaker’s offices are dealt... View Article
