Basic Accounting Lecture Notes | Online Cost and Financial Accounting Tutorials

General Cost Accounting Quizz

In this file, you will find 10 MCQs and True/Falls etc regarding cost accounting. All questions carry equal marks i.e 10. You need 80% to pass this test. This is very easy and for beginners. Continue reading “General Cost Accounting Quizz” →

Overhead Variance - Four Variance Method

This is the last lecture on Variance Analysis

In the four Variance method following variances are calculated

Spending Variance
Idle Capacity Variance
Variable Efficiency Variance
Fixed Efficiency Variance. Continue reading “Overhead Variance – Four Variance Method” →

OH Variance Analysis - Two Variances & Three Variance Method

There are couple of approaches for Overhead Variances. In one approach, variances for FIXED and VARIABLE overheads are calculated separately. (click here for explanation and formula of this approach)

Whereas in the second approach, which is the topic of this post, separate variances are not calculated. Continue reading “OH Variance Analysis – Two Variance & Three Variance Method” →

Stock Levels

What are stock Levels?
Every business has to maintain stocks of material/goods which are used during the production process. Following stock levels are self-explanatory. Like reorder level suggests that at what level we should re order the stock. Similarly maximum or minim stock levels suggest the maximum or minimum stocks to be maintained by the business. Danger level means that if the stock falls below this level, business might be suffering stock out costs i.e. stoppage in production, delayed delivery to client and loss of goodwill etc.

Solving questions on this topic is quite easy if you know the formulas. You will have to remember all these formulas.
Helpful Tip
I am giving you a good tip which will ease the process of remembering these formulas. If you haven’t already noticed, Continue reading “Invertory/Stock Levels” →

Overhead variance analysis|Fixed and Variable

In this lecture you will find the formula for the Fixed and Variable Overhead Variances. for labour variances click here & for material variances click here

Fixed Overhead Variances include:

Fixed Overhead Expenditure Variance
Fixed Overhead Volume Variance

Continue reading “Overhead variance analysis|Fixed and Variable” →

Video Lecture: Relevant Costing Part 1

First of all, thanks to God that I am able to present this lecture.
It took very long time for me to update my site . I tried, but I too busy to upload my new lecture. But now, no need to wait any longer, my new lecture is available for download. Let’s hope that I shall come up with more and more useful lectures soon.

With that said, In current lecture I have explained the features of relevant costing. Download link is given below. Enjoy !!!

Download Link Click here

Store Ledger Card (Lifo Method) Urdu/HIndi

In this video lecture you would learn how to draw store ledger card in an easy to understand way.

Video Length:

Language: Urdu/Hindi

Downloadable: Yes

I am waiting for your comments and replies

Continue reading “Store Ledger Card (Lifo Method) Urdu/HIndi” →

Practice Questions: Rules of Debit and Credit & Basic Entries

Title: Basic Entries, Rules of Debit and Credit (Financial Accounting)

Type: Mixed (Fill in the Blanks & Multiple Choices)

Number of questions: 13 (version 1.3)

Passing Percentage: 80%

Time limit: No (Unlimited) Continue reading “Practice Questions: Rules of Debit and Credit & Basic Entries” →

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