Beyond Academy

Contract Costing Q. What is contract Costing ? Ans. Contract is an agreement between two parties contractor and contractee. Q. What is fixed price Contract ? Ans. It is a type of contract where both the parties are required to fix a contract price. Q. What is Cost Plus Contract ? Ans. This contract is provided for the payment by the contractor of the actual cost of manufacturing and a stipulated profit mutually divided between the two parties. Q. What is Work Certified ? Ans. All contractors received payment periodically depending upon the work done by them. A architecture is appointed to inspect the work done and they issue a certificate specifying the value of work completed, which is known as work certified. Q. What is work not certified ? Ans. A work done by the contractor but not certified by the contractee architect is called uncertified  work. Q.What is notional profit or accounting profit ? Ans. It is the difference between the value of work cert...

B.Com Honours in Accounting:  Business Communication   Unit 1: Introduction to Business Communication: Introduction, Definition, objectives, Needs and Importance.  Unit 2: Channels of Communication: Network and Channels, Feedback, Models, Barriers of Communication.  Unit 3: Types of Communication: Formal and Informal Communication, Corporate Communication, Group Discussion, Seminar, Effective Listening. Unit 4: Communication Tools: Communication Technology, Modern forms, Video Conferencing, e-mail, Fax.  Unit 5: Modes of Written Communication: Drafting Notice, Business Letter Writing, Report Writing, News Letter and Circular, Writing Resumes and Application.  for 2018-19  Source: KNU

B.Com Honours in Accounting: 3 rd Semester   HISTORY OF ACCOUNTING  Unit 1: Introduction to Accounting: Need for Accounting, Accounting Theory and Practices, nature, classification and foundation of Accounting Theory, Levels of Accounting theory, Accounting Environment, Accounting in Changing Environment.  Unit 2: History of Accounting Theory: Early history of Accounting, Age of Stagnation, Growth of Accounting knowledge, Development of Accounting, Practice and Theory in European Countries and United States of America.   Unit 3: Methodology of Accounting Theory: Accounting structure, Syntactical Theories (Syntactical Theories), Interpretational Theories (Semantical Theories), Behavioural Theories (Pragmatic Theories), Deductive and Inductive Reasoning.  Unit 4: Approaches of Accounting Theories: Inductive Approach, Event approach, Ethical Approach, Corporate Social Accounting Approach, and Macroeconomic Approach.  Unit 5: Alternative Beh...

B.Com Honours in Accounting: 3 rd Semester  Core Paper 5: ADVANCED FINANCIAL ACCOUNTING    Unit 1: Partnership Accounts: Dissolution of Partnership Firms; Insolvency of Partners (Application of Garner Vs Murray Rule); Insolvency of all Partners; Consideration of private estate and private liabilities; Piecemeal Distribution, Proportionate Capital Method and Maximum Possible Loss Method.   Unit 2: Hire Purchase and Installment Payment System: Meaning; Distinction between Hire Purchase and Installment System; Calculation of Interest; Calculation of Cash Price; Entries in the Books of Hire Purchaser and Hire Vendor; Full and Partial Repossession; Hire Purchase Trading Account; Stock and Debtors Method; Entries in case of Installment Payment System; Interest Suspense Method.   Unit 3: Branch and Departmental Accounts: Distinction between branch and departments; Different types of branches; Accounts of various types of branches; Synthetical and Analytical ...

Advance Cost Accounting [Syllabus] B.Com Accountancy Honors: Unit 1:  Job, Batch and Contract Costing: Job costing, Procedure of Job Cost accounting, Application of Job costing. Meaning of Batch Costing, Application of batch costing, Determination of Economic Batch Costing. Meaning of Contract Costing, Recording of Contract Costs, Meaning of the terms used in contract costing, Profits/ Loss on incomplete contracts, Calculation of work in progress , Entries in the balance Sheet.  Unit 2:  Process Costing: Meaning of Process Costing, Treatment of Normal process Loss, Abnormal process loss and Abnormal gain. Equivalent Production.  Unit 3:  Marginal Costing: Concept of Marginal Costing, Distinction between Absorption Costing and Marginal costing, Contribution, Break even analysis, margin of safety, Profit Volume graph. Practical Application of Marginal Costing Unit 4: Standard Costing: Concept, Advantages and Disadvantages of S...

Theory of Job and Batch Costing Q. What is  Job Costing ?  Ans. Job costing is a method of Costing which is used to find out the cost of non standard job which are made as per custom specification. Q. What is Batch Costing ? Ans. Batch costing is a modified form of job costing. Q. Distinguish between Job costing and Batch costing ? Ans. Job Costing : In job costing single job is consider as cost unit. A job indicate single article or goods. Output produces against different order are purely different in size, designed, etc. Job costing is huge where the customer order are non-repetitive. Batch Costing: In batch costing no. of identical job is taken as content. Batch indicates no. of identical articles or goods. The output produces against different order is identical in nature in most cases. Batch costing is used where order is repeated. Q.   Distinguish between Job costing and Contract costing ? Ans.  Job costing: [Basis: ...

Process Costing Q. What is Process Costing ? Ans. Process costing is that form of operation costing which is used to ascertain the cost of product at each process or stage of manufacture.  Q. What is Normal Loss ? Ans. This is a loss which is unavoidable on accounts of inherent nature of production process. Such loss can be estimated in advance on the basic of past experiences. Q. What is Abnormal Loss ? Ans. A ny loss which is caused by some unexpected or abnormal condition such as accident, plant breakdown, etc is called abnormal loss. Q. What is Abnormal Gain ? Ans. When production exceeds the normal production, thus the excess production is known as abnormal gain. Q. What is equivalent unit/ equivalent production ? Ans. E quivalent production means converting the in-complete production into there  equivalent complete unit/production. Q. What is Inter-process profit ? Ans. The difference between the transferred price and cost price is known as ...

Standard Costing What is Standard Costing ? Standard costing can be defined as a technique of cost accounting which comprises the standard cost of each product or services with the actual cost to determine efficiency of operation so that any technical action may be taken immediately.   Q. What is  Standard Cost  ? Ans. Standard cost is the estimated or predetermined cost which is computed in advance with the output to be produced in future. Q. What is  Variance Analysis  ? Ans. The difference between standard cost or profit & sale or actual cost/profit/sale is known as Variance and the process by which the total difference between standard cost or sale and actual cost or sale is broken down in different parts is known as Variance analysis. Q. What is  Material Variance  ? Ans. It refers to material cost variance. It is the difference between the standard cost of material allowed for the output and actual cost of material used. ...

Theory Of  Budget Costing Q. What is Budget ? Ans. Budget refers to the income and expenditure statement for a specific accounting period. It may be estimated either in quantity or in money or in both. Q. What is Budgetary Control ? Ans. Budgetary control is a system which use budget as a mean of planning and controlling all aspects of producing or selling commodities or services. Q. What is functional budget ? Ans. A functional budget is a budget which relates to any of the function of undertaking.  Such as Sale, production, Research and Development, etc. Q. What is  cash budge t ? Ans. It is one of the important budget it is the sum total of the requirement of cash in respect of various functional budget as well as of anticipated cash receipt. Q. What is Master budget ? Ans. A master budget is a summary of budget incorporating its component of functional budget. Hence, it is also known as coordinating budget. A master budget is prepare by the bu...

Marginal Costing Q. What is marginal costing ? Ans. The term marginal costing is Defined by ICMA London as follows: Marginal Costing  is  the ascertainment of marginal cost and of the effect on profit  due to  changes in volume or type of output  by differentiating between fixed  cost  and variable  cost . Q. What is fixed cost ?  Ans. Cost which remains fixed with change in production. Q. W hat is Variable cost ?  Ans. Variable cost  means cost which change with output it is also known as marginal cost. Q. What is contribution ? Ans. Contribution  is the  difference between selling price  and variable  cost  or  marginal cost of sales . Q. What is PV Ratio ? Ans. Relationship between contribution and sale is called PV Ratio.               PV Ratio = Contribution (CPU) / Sale X 100 Q. W hat is break even point ? Ans. Break even point repre...

Power Point Presentation On SOCIAL RESPONSIBILITIES OF BUSINESS ETHICS https://docs.google.com/presentation/d/1tPba6XsXn9SDDg9U99RT9ZjWmoTG7JEsR7zEJyAABWo/edit?usp=sharing Take this link (Copy) and paste on your URL to see the Power Point Presentation.

Chapter 3 Recording of Transactions-I Accounting Equation : Accounting equation signifies that the assets of business are always equal to total of its liabilities. I.e., Accounting Equation:= Assets = Liabilities + Capital S. No. Transaction Assets Liab.     + Capital Cash     +Stock + Debtors  + Furniture= Creditor + Capital a Started Business with cash 200,000 0 0 0 0 200,000 b Purchased goods from X for cash (40,000) 40,000 0 0 0 0 c Sold Goods 0 (10,000) 12,000 0 0 2,000 d Bought Furniture on credit 0 0 0 7,000 7,000 0 Final Equation 160,000  + 30,000  + 12,000 +  7,000 = 7,000   + 202,000 Note:- 1] Profit/income (eg- Commission/Dividend/Discount received) - Capital will be increased. 2] Loss/Expenses (eg- rent/salary/electric charge/carriage paid) - capital will be reduced. 3]...

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Ch.8 Bills of Exchange A bill of exchange is generally drawn by the creditor upon his debtor. Drawer means the person who sale good or who drawn a bill . Drawee means the person who purchases or accepted the bill . Payee is the person to whom the payment is to be made on maturity date . Case 1 Transaction Drawer (Say X) Drawee (Say Y) When X sold good to Y Y                       Dr.       To Sales A/C Purchase A/c Dr.         To X A/C When Y received a bill drawn by X B/R A/C          Dr.        To Y A/c X A/C              Dr.          To B/P A/C On due /maturity date ...