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Non-Current Assets are long term resources owned by the company. The defining line between current and non-current assets is one fiscal year. Items like cash, accounts receivable and inventory are current assets as they are expected to be converted to cash within the fiscal year. Non-Current Assets include both tangible and intangible assets. Tangible assets …
Take the quiz on the accounting of receivables and bad debts. Answers and explanation included. For my and all accounting students.
Managerial Accounting is used by managers to plan, implement and control various aspects of a business. Also known as Management or Cost Accounting, Managerial Accounting is concerned with the costs of manufacturing or producing products, and thus uses a specific cost classification system depending on cost behaviour, traceability, relevance and function. After you've studied through …
Here's a quick quiz on cost classifications. As you take the quiz ask yourself the following questions. Does the cost change based on an activity? If it does it is a Variable Cost. If it does not, it is a Fixed Cost.Can I trace the cost directly to one unit of production? If you can …
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