Traveller's cheque is a service meant for tourism traffic, which minimizes the risk of carrying heavy cash while travelling. A person who intends to visit several places can purchase traveller's cheques issued by the banker. The traveller is required to deposit a certain sum of money with a banker and ask for the issue of traveller's cheques. This is printed in different … [Read more...] about Travellers Cheque: 8 Key Features with Pros and Cons
Accounting
8 Different Types of Branch Accounting (Explained)
Businesses often operate in multiple locations or branches, each functioning as a distinct unit with its own financial transactions and operations. This complexity gives rise to the necessity of effective branch accounting, a system that ensures accurate record-keeping, financial transparency, and efficient decision-making. Branch Accounts have for their purpose the … [Read more...] about 8 Different Types of Branch Accounting (Explained)
Departmental Stores Accounts: Methods, Importance (Explained)
Departmental Stores serve not only as a big market but also as a faithful friend. Departmental stores offer valuable services to customers. Almost all the goods of daily use are provided to them under one roof. One of the most important aims of accounting is the segregation and recording of activities, whether of buying or selling of production, administration, or … [Read more...] about Departmental Stores Accounts: Methods, Importance (Explained)
Top 18 Questions Answers on Budgetary Control
Budgetary Control - Explained Following is the Q&A on budgetary control: 1. What do you understand by budget? Budgetary control is a control procedure adopted for attaining targets determined in the budget. A budget is a financial and/ or quantitative statement prepared prior to a defined period of time for the policy to be pursued during that period for … [Read more...] about Top 18 Questions Answers on Budgetary Control
Top 20 Questions and Answers on Standard Costing
Standard costing is a method of ascertaining the costs prepared to exhibit standard cost and actual costs, and the difference between these costs is termed a variance. Standard Costing Questions and Answers Following are the top standard costing question answers: 1. What do you mean by standard cost? Standard cost is a predetermined cost that determines what each … [Read more...] about Top 20 Questions and Answers on Standard Costing