In taxation, certain goods and services can as a matter of necessity enjoy special treatment, resulting in them having an either zero-rated or tax-exempt status. While both categories imply a non-existent or zero tax burden, the underlying details that distinguish them hold significant implications for businesses and consumers alike. So, let us talk about these … Read more
Money market and capital market are two important components of the financial system that facilitate the flow of funds between borrowers and lenders. The money market primarily deals with short-term debt securities and instruments, whereas the capital market is focused on longer-term securities such as stocks and bonds. Both markets play a critical role in … Read more
What Is A Gantt Chart? A Gantt chart is a horizontal bar chart developed as a production control tool in 1917 by Henry Charles Gantt, an American Engineer and Social Scientist. The Gantt chart is commonly used in project management to provide a graphical illustration of a schedule that help to plan, coordinate, and track … Read more
What is Management by Objectives (MBO)? Management by Objectives (MBO) is a management philosophy and a systematic approach to management that emphasizes the setting of specific, measurable, achievable, relevant, and time-bound (SMART) objectives. This approach was popularized by management theorist Peter Drucker in his 1954 book “The Practice of Management.” MBO is designed to improve … Read more
In fiscal governance and public finance, the terminologies used to describe various forms of financial charges imposed by governments can be confusing or are easy to misunderstand. In this article let us talk about the difference between a tax and levy, their roles, applications and implication. Before we begin, it is also important to understand … Read more
What is Packaging? Packaging refers to the process of designing and creating a protective container or wrapper for a product. The purpose of packaging is to safeguard the product during transportation, handling, and storage. Other than protection; it also important in marketing and branding. Well-designed packaging can attract consumers’ attention, communicate information about the product, … Read more
What is Capital Reserve? A capital reserve is a line item in the equity section of a company’s balance sheet that indicates the cash on hand that can be used for future expenses or to offset any capital losses. It is derived from the accumulated capital surplus (capital gains) of a company and profits generated from … Read more
In accounting, depreciation is the systematic allocation of the cost of a tangible asset over its estimated useful life. Depreciation recognizes the gradual consumption, wear and tear, or obsolescence of these assets over time. This allows for a more accurate reflection of the asset’s decreasing value as it contributes to the generation of revenue for … Read more
Job order costing or job costing is a system for assigning and accumulating manufacturing costs of an individual unit of output. The job order costing system requires a separate job cost record which reports each item’s direct materials and director labor that were used and assigned amount of manufacturing overhead. The record may also show … Read more
Accounting standards play a crucial role in ensuring transparency and consistency in financial reporting. Two of the most widely used sets of accounting standards are the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). While both standards aim to achieve the same goal, there are some significant differences between them. What is … Read more