Definitions

Accounting Concepts Definition

What is Accounting Concepts? Accounting concepts are a set of beliefs that help to post a transaction in the proper manner. Concepts can also be described as accounting frameworks. Some accounting frameworks are now strictly maintained as accounting…

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Accounting Estimate

Accounting estimate definition What is an Accounting Estimate? Accounting estimates are  approximations of measurement to recognize the account in the financial statements. Accounting estimates are needed when an event has not occurred but has a gre…

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Accounting Event Overview

Accounting Event What is an Accounting Event? An accounting event is anything that happens in a business organization and can be subject to a transaction. An accounting event is reported as an accounting transaction in the financial statements. Comp…

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Accountant in Charge

Accountant in Charge What is an Accountant in Charge? Accounting in charge is a person who supervises the audit process and assigns tasks to the auditors to monitor them and make sure that the records are fair. The account in charge has the final du…

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Accountable Plan Overview and Explanation

Accountable Plan What is an Accountable Plan? An accountable plan is to reimburse an employee for the expense he has done for the business. There are certain guidelines for an accountable plan, the reimbursement can not be calculated as personal inc…

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Absorbed Overhead (Definition)

Absorbed Overhead What is Absorbed Overhead? Absorbed Overhead is a manufacturing overhead that has been already applied to the product or other cost object in the production process. These are the indirect costs that are assigned to cost objects. …

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Absenteeism Overview (Definition)

Absenteeism What is Absenteeism? A pattern of regularly staying away from work is called absenteeism. Absenteeism is habitual and the person who stays away from the work tries to do this regularly. It doesn't include causes like illness or sickn…

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Above the line (Definition)

Above the line What is Above the Line? Revenue and Expenses that have a direct effect on the income statement are known as above the line. Above the line is widely used for the income and expenses that are covered by the income statement and this d…

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Abnormal Spoilage (Definition)

Abnormal Spoilage What is Abnormal Spoilage? If the production waste is greater than the normally expected level then that will be called Abnormal Spoilage. There are several reasons that can occur Abnormal Spoilage, among them incorrect operator tr…

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ABC method (Definition)

ABC Method Definition What is the ABC Method? ABC method classifies the inventories according to their uses. This inventory classification method is based on the concept that most of the production needs only a few amounts of inventory regularly.ABC…

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The ABC Inventory System

The ABC Inventory System Under the ABC inventory system, inventory items can be categorized into three classifications. "A", "B", and "C". Here "A" classification refers that the inventories are highly useable…

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ABC analysis (Definition)

ABC Analysis ABC analysis is a process of classification where items are categorized into "A", "B", and "C" according to their uses. This is a widely used analysis for inventory and in this analysis, high uses items ar…

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A Priori (Definition)

A Priori Definition "A Priori" knowledge is obtained by analyzing concepts independent of experience. For instance, you could know that 3 and 3 make 6, that all bachelors are unmarried, or that if something is red it has a color, all with…

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