Month: May 2021

INTRODUCTION TO WAREHOUSING Definition The term ware means ‘article’ or merchandise. A warehouse therefore refers to a building or a room for storing goods. Warehousing– This is the process of storing goods within a storage facility. Characteristics of Good Warehousing Read More …

Financial accounting KNEC

Objectives of Life Skills in Education Help learners develop an awareness and understanding of every day demand and challenges. Enhance self esteem and assertiveness in their relationship with their peers and others. Develop an appreciation of female and male as Read More …

TOPIC 1 INTRODUCTION TO ENTREPRENEURSHIP   Small scale enterprises play a major role in the development of a country’s economy. Small enterprises create many jobs, provide a variety of goods and services, contribute a lot of revenue and promote the Read More …

The general fundamental principles of ascertaining costs are the same in every system of cost accounting, but the methods of analysis and presenting the costs vary from industry to industry. Different methods are used because business enterprises vary in their Read More …

A cost accountant has to ascertain cost by cost centre or cost unit or by both. Cost Centre According to the Chartered Institute of Management Accountants, London, cost centre means, “a production or service location, function, activity or item of Read More …

The different bases of cost classification are: (1) By time (Historical, Pre-determined). (2) By nature or elements (Material, Labour and Overhead). (3) By degree of traceability to the product (Direct, Indirect). (4) Association with the product (Product, Period). (5) By Read More …

The Scope of Cost Accounting Is Very Wide and Includes: (a) Cost Ascertainment: The main function of cost accounting is the ascertainment of cost of product or services rendered. It includes collection, analysis of expenses and measurement of production at Read More …

The limitations of financial accounting have made the management to realise the importance of cost accounting. Whatever may be the type of business, it involves expenditure on labour, materials and other items required for manufacturing and disposing of the product. Read More …

Cost accounting aims at systematic recording of expenses and analysis of the same so as to ascertain the cost of each product manufactured or service rendered by an organisation. Information regarding cost of each product or service would enable the Read More …