accountancycareers use of tally in accounting Posted by birendra kunwar on 8:15 AM

Tally is the only one accounting solution, there is no any accounting code , it has complete accounting business solution, it is the most use and making accountancycareers. In tally it has multi-platform availability, versatility,flexible nature.

If you are going to making accountancycareers you must have to make knowledge about the accounting for the business organisation. Because we can not start any business and get success in business. So if you looking for careers in accountancy, you must have to get knowledge and training how do keep accounting, than you can make your careers in accountancy that is called accountancycareers.

Terms and condition of accountancycareers in tally

1) Current assets

2) current liabilities

3) Fixed assets

4) Direct expenses

5) Indirect expenses

6) Advance and loan

7) Investment

8) Sundry debtors

9) Sundry creditors

10) Goodwill

11) Bad debts

12) Inventory

13) Sales

accountancycareers and job opportunity Posted by birendra kunwar on 1:25 AM

Accountancycareers is the most importance part of our business organization. Every business organization need a accountant for the growing your business volume. There are some acountancycareers software to solve their accounting problems. So we have to need a good accountant for the keeping accounting problem.

There are some accounting software solution to solve their accounting problem in the business organisation . These are as follows,

1) Excel

2) Tally

3) fact

4) Tata Ex

These software are the most important for the business solution . It may useful for every business . If we have some experience and we are qualified to operate these software we can get job easily.

Meaning of Inventory in accounting system Posted by birendra kunwar on 9:45 PM

1) Held for sale in the ordinary course of business.

2) In the process of production for such sale.

3) To be currently consumed in the production of goods or services to be available for sale.

From the above definition it is clear that any stock that a firm keeps to meet its future requirement of production and sales is called inventory . The principal types of inventories are , raw material and supplies, goods in process and finished goods. Raw material represents goods kept by a manufacturing firm prior to their being utilized in the production process . Supplies generally include tools , stores and spares which are consumed in the production of goods and services. Goods in process represent the semi-finished goods. They include those materials that have been committed to production process but have not yet been converted in to finished goods are completed goods awaiting sales.

The nature of inventory depends on the type of activity carried on . In case of manufacturing unit , inventory will generally include all types of inventories mentioned above , which in case of a trading concern, it will comprise only finished goods or stock in trades owned by it for sale to customers in the normal course of business.

Computation Method of Accountancycareers Posted by birendra kunwar on 9:29 PM

The method for computing the cost under activity based costing outlined as follows :

Step 1) To find out the cost traced to activities.

Step 2) To determine the cost drive for each activities.

Step 3) To find out the cost drive rate.

Step 4) To find out cost traced to product.

Traditional costing system is not applying the above given computation method. Both system trace overhead costs to product on the basis of cost centre’s. The differences we find between the two systems are allocation from cost centre to product. Traditional cost system traces overhead cost to products using small number of allocation bases , which vary directly with the volume of product produced . But activity based costing system uses many driver as allocation basis. The activity based costing , cost driver ratio should therefore be more closely related to the causes of overhead costs.

For providing an overview of traditional and activity based costing system, the following chart and example are presented.

Scope of Management Accounting Posted by birendra kunwar on 4:20 AM

The scope of management accounting is very wide and broad based. It includes all information which is provided to the management for financial analysis and interpretation of the business operation . The following fields of activities are included in the scope of this subject.

1) Financial Accounting : Financial accounting provides historical information which is very useful for future planning and financial forecasting. Designing of a proper financial accounting system is a must for obtaining full control and coordination of operation of the business.

2) Cost accounting : It provides various techniques of costing standard costing , differential and time control , budgetary control and variances analysis etc.

3) Internal financial control : Management accounting includes the internal control method like internal audit, efficient office management etc.

4) Interpretation : Management accounting is closely related to the interpretation of financial data to the management and advising them on decision making.

Related Terminologies cost in accountancy Posted by birendra kunwar on 3:49 AM

The total of all expenditures involved in the process of production is known as the cost . The cost covers every aspect of human life and business . Hence it is not a single matter to define cost . The accounting experts, economists and various units have defined cost in different ways . So the meaning of cost has to be understood according to the place and objectives in different forms according to its use.

The technique or process to determine the cost is called costing . It is the Technique of measurement and accumulation of cost of different activities products processes or services. It has been defined by the CIMA as the technique and process of ascertaining cost .

The process and concepts to determine the cost of a product or services is called cost , and it covers the classification, recording and allocation of expenditures involved in the process of production.

The term Cost accountancy is wider to costing and cost accounting in terms of its concept. Cost accountancy covers costing , budgetary control , cost control , and cost audit. Cost accountancy is the study of application of cost accounting principle , process and rule for the determination of cost and its control.

Definitions of cost accounting and managerial problems Posted by birendra kunwar on 3:25 AM

Cost accounting is accounting for cost . It is made of two words-cost and accounting. The terms cost denotes the total of all expenditures involved in the process of production. Thus , it covers the costs involved production and cost involved while receiving it. Accounting on the other hand ,collects and maintains financials record of each income and expenditures and make avail of such information to the concerned officials. Thus cost accounting is a practice and process of cost which determines the profitability of a business concern by controlling the cost with the application of accounting principle, process and rules.

Cost accounting includes the presentation of information derived there from for purposes of managerial decision making . Thus cost accounting is an art as well as science . It is science because it is a body systematic knowledge having certain principles which a cost account should possess for proper discharge his responsibilities . It is an art as it requires the ability and skill with which a cost account is able to apply the principles of cost accounting to various managerial problems . Practices include the continuous effort of a cost account in the field of cost accountancy . Such efforts also include the presentation of information for the purpose of managerial decision making and keeping statistical records.

Control over labour cost in accounting Posted by birendra kunwar on 3:08 AM

Labour cost holds a substantial proportion in the total costs. Labour cost is directly concerned with the human beings. Therefore, it is very difficult to control it. However , many industrial organisations have used various control devices to control this cost . But co-operation and co-ordination among various departments is the key requisites to control this cost.

I n a well managed organisation , various departments are set up for accounting and control over labour cost . They are as follows,

1) Personal department

2) Engineering and work study department

3) Rate or Time and motion study department

4)Time keeping department

5) Payroll department

all these departments are involved , by one-way or another , to control labour costs.

accounting process or cycle Posted by birendra kunwar on 8:45 PM

accounting is a continious process. it is a complete sequences of accounting activities. it stores with the primary entry of transaction in journal and ends with the prepration of final accounts. it includes identifying recording classifying summarizing and communicating financial transaction these business transactions are record in a set of books such as journal, ledger cash book etc. unless these transaction are recorded properly a businessman will not be in a position to know where the business stands.