Accounting is the art of serving necessary and effective financial information of economic entities through the process of recording, summarizing, analyzing and reporting transactions to concerned parties. It conveys information about the financial health of a business or individual. That is why accounting is well known as an information system in today’s business world. In … Read more
Asset is a resource having economic value someone owns or controls with an expectation of getting future economic benefit. In business or accounting, an asset is an economic resource that an individual, a company, a corporation or a country purchased, acquired or achieved which contributes to generating income or cash flow. An asset can be … Read more
Consignment is a collection of goods or materials to be sent, in transit or having been sent by owner (consignor) to another person or agent’s (consignee) custody for sale, keeping legal ownership of the goods or materials until they are sold. If sold the consignor will get the payment for sold items. Otherwise, will be … Read more
Normal spoilage is the unavoidable part of spoilage occurs in a production process. It will occur even the production process is operated with the highest efficiency. That is why it is also known as predetermined or planned spoilage. Manufacturers typically set a rate of normal spoilage based on their product type. Cost of normal spoilage … Read more
Design is the process of converting ideas or concepts into reality. Primary step of a design could be a sketch, drawing, layout, configuration, model, specification etc. In design process, an idea or concept is collected, developed, arranged appealingly to improve human experience to it, implemented or tested, researched and redeveloped upto an expected level, guided … Read more
Act of God is an unforeseen and sudden disaster results from natural causes. It cannot be avoided through the use of caution and preventive measures. Act of God is beyond human control and none is responsible for it. Act of God includes Hurricane, Tornado, Earthquake, Hail, Flood, Tsunami, Storms, Lightning, Volcanic hazards etc. Acts of … Read more
Insurance is a means of risk management by which an individual or entity shifts the risk of potential loss or damage to another party (the insurer) in exchange for a charge known as premium. The party whose risk is transferred is called “Insured” and who undertakes the risk is called “Insurer”. The insurer is generally … Read more
An Alien Insurance Company is an insurer that has incorporated or formed in one country and provides its service to another country. An alien insurance company has to follow the rules and regulations of that country where it provides its service. For example, an insurance company is incorporated in the United Kingdom and provides its … Read more
Turnkey, also spelled as Turn Key and Turn-key, typically means “Ready to use”. It refers to an object that is designed, supplied, built, installed, commissioned, fully complete and ready to use or operate. Turnkey implies that the end-user just needs to ‘turn the key’ to make the object functional, operational or usable. Turnkey object could … Read more
Refinance or refinancing is the process of acquiring a new mortgage to pay off the balance of an existing mortgage. Typically the new mortgage comes with better terms and condition. Also called as Refi. Here are some typical scenarios, usually when people consider refinancing: When there is a lower interest rate offer Borrower’s will to … Read more
