Cost Accounting – Classification of Cost Accounting Softwares Costs can be classified based on the following attributes: By Nature In this type, material, labor and overheads are three costs, which can be further sub-divided into raw materials, consumables, packing materials, and spare parts etc. By Degree of Traceability of the Product Direct and indirect expenses
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Accounting – Classification of Accounts Accounting Classification It is necessary to know the classification of accounts and their treatment in double-entry system of accounts. Broadly, the accounts are classified into three categories: Personal accounts Real accounts Tangible accounts Intangible accounts Let us go through them each of them one by one. Personal Accounts Personal accounts
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The Accountant and Financial Statement Business owners don’t have a boss to give them feedback, so many use their annual Profit & Loss (P&L) statement as their performance evaluation. If their P&L shows more revenue and more profit than last year, business owners draw the conclusion that they did well; and they would typically consider
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