See by nature a provision is a nominal account since as per Accounting Standard 29, it is a possible future obligation from past services rendered. Howeve...

An annual accounting period does not include a short tax year. The tax years you can use are: Calendar year – 12 consecutive months beginning January 1 an...

AAT Full Form Full Form Category Term Average Access Time Information Technology AAT Application Assembly Tool Softwares AAT Association of Accounting Tec...

A flexible budget adjusts to changes in actual revenue levels. Actual revenues or other activity measures are entered into the flexible budget once an acc...

4.000 inch Chevrolet Performance Model PN 101051237 late-model, one-piece rear main seal (adapter available for two-piece seal) Block Composition Cast iro...

Shadow Balance Means When the person is depositing any. cheque in bank for crediting than bank will credit his a/c. on 1st day. After 2nd day that amount ...

Fixed costs are those costs that must be incurred in fixed quantity regardless of the level of output produced. As the total number of units of the good p...

In the United States, “court costs” (such as filing fees, copying and postage) are differentiated from attorney’s fees, which are the hourly rates paid to...

Retained earnings are the portion of a company’s net income that management retains for internal operations instead of paying it to shareholders in the fo...

Traditional costing is the allocation of factory overhead to products based on the volume of production resources consumed. Under this method, overhead is...