What How ANS

The financial statement is the statement of profit and loss account, balance sheet, etc. Here are the definition and some advantages of it... Financial statements are the means of identifying, measuring, and communicating financial information to the persons or organizations interested in the company. The financial statement involves an income statement or profit and loss account, balance sheet, retained earnings, and balance sheet. It mainly involves profit earned or loss suffered and the overall financial position of the organization for an accounting period. The interested organization involves all investors, lenders, customers, creditors, and employees. Some of the financial Advantages are:  It helps to measure short and long-term financial positions. It forecasts the budget and future line of action. Helps to provide financial useful information for decision making. More efficiency of a business through the balance sheet. Financial statements are also known as Historical d...

Store keeping is the main function of materials control. Here are the main definition and duties or responsibilities of Store keeping... Store keeping is the systematic and modern preservation of materials in proper place which is known as a warehouse. It is in practice that material is an important element of the cost of production and it covers near about more than 50% of the cost of output. The cost of production will be automatically increased if materials are lost or damaged. The mere storing of materials is not sufficient, it is important to store things in the proper storeroom on the basis of combination and value. Duties of Store Keeping are: Receive material formally by making necessary verification materials. Should review things regularly. Thing placement should be maintained both in-store ledger and bin card in an alphabetical way. Things should be kept in a proper place. Should maintain uniformity in production activity. There are three types of storekeeping stores: Ce...

Job-order costing and process costing are the methods of costing. Here are the definition and types of both costing methods... Job-order costing The job-order costing method is used to assign direct costs to the specific order, contract, and also to a specific batch of production. Each job or order is specific and absorbs different operations which need costs both direct and overheads. Under this method, each job should be separated to ascertain the cost of each job. The job costing method is used in many specific works like printing, engineering, construction, etc. Some important types of Job- order costing are: Batch costing Contract costing Multiple costing Process costing Process costing is used in industries where a continuous process of production is carried out and the product is uniform. In other words, process costing is used in industries where certain steps are to be completed to convert raw materials into finished products. In this processing method, the cost of each proces...

Gross Domestic Product (GDP) and Gross National Product (GNP) are different various concepts of National Income. Here is the definition of both... Gross Domestic Product (GDP) Gross Domestic Product (GDP) is the market value of all final goods and services produced  by all factors of production whether domestic or foreign within the geographical territory of a country, in a year. GDP does not include Net factor income from abroad NFIA. It has quite a narrow concept. GDP is focused on output rather than who produced i. It means GDP measures all domestics’ production regardless of the nationality of factors of production. It does not include NFIA so, it is unaffected by NFIA. Gross National Product (GNP) Gross National Product (GNP) is the market value of all the final goods and services produced by all domestic factors of production within or out of the geographical territory of a nation, in a year. GNP includes NFIA. It measures the overall economic strength of the domestic...