An in-depth explanation of the Source and Application of Funds, including its historical context, importance, types, and key components, with illustrative examples and charts.
A comprehensive look at source documents, their types, importance, and usage in various fields like accounting, finance, and business management.
Detailed description of Special Allocation, its types, historical context, applicability, and more.
Special Items refer to non-recurring financial events which can significantly impact a company's financial statements, often used interchangeably with unusual items, though sector-specific definitions may vary.
An accounting method where bad debts are recognized only when specific accounts are deemed uncollectible, requiring deduction of the debt when considered worthless after exhaustive collection efforts.
Specific Order Costing, also known as job costing, is a cost allocation method used for specific customer orders. It is applicable in industries where products are customized.
Specific provisions are financial reserves set aside for known liabilities, unlike general provisions which cater to anticipated but unspecified future losses.
An in-depth analysis of the concept of Spending Variance, covering its importance, types, calculations, key events, and applications.
An in-depth exploration of the split-off point in cost accounting, including its historical context, categories, key events, detailed explanations, formulas, examples, and related terms.
A detailed exploration of spreadsheets, their history, types, key events, functionalities, importance, and applications.
An in-depth exploration of SSAP (Statement of Standard Accounting Practice), its historical context, key events, explanations, applicability, and related terms.
Statements of Standard Accounting Practice (SSAPs) are older accounting standards that have largely been replaced by Financial Reporting Standards (FRS). They served as guidelines for financial reporting in various industries.
A comprehensive look into Standalone Financial Statements, detailing their importance, types, and applications in financial analysis.
An in-depth exploration of standard costs, their historical context, applications, and importance in various fields such as accounting, finance, and economics.
An in-depth look at standard cost allowance under a standard costing system, exploring its historical context, applications, formulas, and importance in cost management.
A Standard Cost Card is a detailed record showing the standard cost structure of a product, including material costs, labor times, and overhead rates. This article covers its historical context, components, mathematical models, and modern applications in cost management.
An in-depth guide to understanding standard costing, including its historical context, implementation, and significance in modern business.
Standard Costs are pre-determined expenses for materials, labor, and overhead used by businesses to benchmark their actual costs against predefined standards for better cost management and control.
Understanding Standard Direct Labour Cost in the Context of Standard Costing
An exploration of the Standard Direct Labour Rate, its historical context, applications, and importance in accounting and management.
Understanding the concept of Standard Direct Materials Cost in standard costing, including its importance, calculations, applications, and related terms.
A predetermined price for direct materials used in standard costing to establish standard direct materials costs, providing a basis for comparison with actual direct material prices paid.
An in-depth exploration of Standard Fixed Overhead Cost in standard costing, including historical context, types, formulas, and applications.
A measure of production (not time) representing the work achievable within an hour under normal conditions. Used for calculating efficiency ratios and variances.
An in-depth exploration of the Standard Interpretations Committee, now known as the International Financial Reporting Interpretations Committee (IFRIC), its historical context, functions, key events, significance, and applications in financial reporting.
A detailed exploration of Standard Marginal Costing, its principles, applications, and importance in cost management and decision-making in businesses.
The Standard Mileage Rate is a simplified method for calculating vehicle expense deductions based on a fixed rate per mile driven for business purposes, established annually by the IRS.
An in-depth look at the concept of standard overhead cost, its components, historical context, formulas, examples, and significance in business operations.
Standard Price refers to the predetermined cost of a good or service, often used in cost accounting to measure performance and budget.
Standard Production Cost refers to the production costs of products and operations calculated from predetermined levels of performance and cost in order to provide a yardstick against which actual production costs can be compared for the purposes of cost ascertainment and control.
An in-depth look at Standard Purchase Price, its significance, and application in standard costing. This guide covers historical context, key events, detailed explanations, formulas, diagrams, and more.
Understanding the standard rate of pay in labor costing, including its calculation, importance, and applications.
A comprehensive guide to understanding Standard Variable Overhead Cost, its historical context, types, key events, detailed explanations, mathematical models, importance, applicability, examples, considerations, related terms, comparisons, interesting facts, and FAQs.
An in-depth exploration of the Standards Advisory Council, specifically focusing on the International Financial Reporting Standards Advisory Council (IFRS Advisory Council), its historical context, importance, applicability, key events, and more.
State Boards of Accountancy are regulatory bodies at the state level responsible for licensing and overseeing accounting professionals, ensuring public trust through adherence to rigorous standards.
A comprehensive overview of the Statement of Auditing Standards (SAS), its historical context, key features, and implications in the field of auditing.
The Statement of Cash Flows, a key financial document, provides detailed information on a company's cash inflows and outflows over a specific period, helping stakeholders understand the liquidity and solvency of the business.
The Statement of Cash Flows and the Income Statement are essential financial documents that offer unique insights into a company's performance. This article distinguishes between the two by emphasizing their individual purposes, methodologies, and the differences between cash transactions and accrual accounting.
An in-depth examination of the Statement of Changes in Equity, including its definition, historical context, types, key components, examples, and related terms.
A comprehensive guide to the Statement of Changes in Financial Position, including its historical context, types, key events, explanations, formulas, diagrams, importance, examples, and related terms.
An in-depth exploration of the Statement of Comprehensive Income, its historical context, importance, components, and examples within financial reporting.
An in-depth exploration of the Statement of Financial Accounting Concepts (SFAC), issued by the Financial Accounting Standards Board (FASB) to identify the fundamental principles of financial accounting and reporting in the USA.
A comprehensive guide to the Statement of Financial Accounting Standards (SFAS), including historical context, key events, importance, and examples. Explore the intricacies of SFAS, its applicability, and related terms.
An in-depth exploration of the Statement of Financial Position, also known as a Balance Sheet, its historical context, categories, key events, and detailed explanations.
A comprehensive look at the Statement of Income and Retained Earnings, covering its definition, historical context, key events, mathematical models, importance, applicability, examples, and much more.
A detailed explanation of the Statement of Movements in Shareholders' Funds, covering historical context, key components, and its importance in financial reporting.
A detailed guide to the Statement of Principles first issued by the Accounting Standards Board in 1995, which outlines the foundational concepts and frameworks for UK accounting standards.
An in-depth exploration of the Statement of Recognized Income and Expense (SORIE), its historical context, components, significance in financial reporting, and transition to the Statement of Comprehensive Income.
In the UK, a Statement of Recommended Practice (SORP) is a non-mandatory document providing guidelines on accounting topics relevant to specific industries or sectors. These statements, issued by recognized industry bodies and approved by the Financial Reporting Council, help standardize accounting practices and ensure compliance with higher-level regulations.
A detailed analysis of the Statements of Standard Accounting Practice (SSAP) issued by the Accounting Standards Committee between 1971 and 1990, covering its history, key standards, applications, and evolution.
A financial statement that showcases the increase or decrease in shareholders' equity from all recognized gains and losses during a given period, excluding shareholder transactions.
An in-depth look at the Statement on Auditing Standards (SAS) issued by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA). Covering their historical context, types, key events, and detailed explanations.
Statement on Auditing Standards (SAS) provide detailed guidelines for auditors issued by the Auditing Standards Board (ASB) and other auditing bodies to ensure the integrity and quality of financial audits.
A comprehensive guide on the official standards issued for conducting audits, providing historical context, types, key events, explanations, models, charts, and more.
A comprehensive exploration of Static Budgets, their historical context, types, key events, importance, and real-world applicability. Includes mathematical models, charts, related terms, and FAQs.
An in-depth exploration of statutory accounts, which are financial statements mandated by law for businesses to prepare and file. This entry delves into their history, types, requirements, key events, and importance.
An audit of a company as required by law, aimed at ensuring the accuracy and fairness of financial statements, exempting small companies based on set criteria.
An in-depth exploration of statutory books, their historical context, types, significance, and best practices in compliance with legal mandates for company record-keeping.
An in-depth exploration of statutory total income, its calculation, relevance in taxation, and its impact on financial planning.
A detailed exploration of step-function costs, their implications in various domains, and their relevance in decision-making and financial planning.
A detailed exploration of stepped costs, their characteristics, implications in budgeting and financial planning, and real-world examples.
A traditional approach to accounting that places an obligation on stewards or agents to provide relevant and reliable financial information relating to resources over which they have control but which are owned by others, such as shareholders.
Detailed guide on stock budgets, their importance, types, key events, formulas, examples, and applications in budgetary control.
The stock ledger is an essential accounting tool that records the movements of inventories. It tracks receipts and issues of material, as well as the balance in hand, both in terms of quantities and values.
An in-depth exploration of stock reconciliation, including its processes, importance, methodologies, and applications in various sectors.
A comprehensive guide to Stock Record including its historical context, types, key events, detailed explanations, mathematical models, charts, importance, applicability, examples, related terms, comparisons, and more.
A Stock Register is a document or database that meticulously records the details of stock certificates issued by a corporation, including the names of stockholders, the number of shares held, and other pertinent information.
Stock Verification is the physical checking of inventory, complementing the Inventory Certificate by confirming through actual inspection the quantities recorded.
A comprehensive guide to understanding Stockholders' Equity, its historical context, types, key events, explanations, formulas, importance, applicability, examples, related terms, comparisons, interesting facts, FAQs, references, and more.
A comprehensive overview of the process of counting and evaluating stock-in-trade, typically conducted at the year-end or throughout the year, to value the total stock for financial reporting and management purposes.
An in-depth exploration of Stores Issue Notes, their historical context, types, key events, applications, and related terms.
A comprehensive guide on the Stores Returns Note (SRN), detailing its purpose, types, key events, usage, importance, and related terms in inventory management.
A detailed exploration of Straight-Line Amortization, a method that allocates equal interest expense across all periods, disregarding the bond's book value changes.
A comprehensive overview of straight-line depreciation, a common accounting method for depreciating assets, its historical context, calculations, importance, applications, examples, and related terms.
A comprehensive guide to the straight-line method of depreciation calculation, including historical context, key events, detailed explanations, mathematical formulas, charts, applicability, examples, considerations, and related terms.
An in-depth exploration of Strategic Management Accounting, its historical context, types, key events, methodologies, and importance in long-term strategic decision making.
A sub-ledger is a detailed ledger providing additional information and accounting detail to a specific general ledger account. It helps in tracking individual transactions for various components of the main account.
A sum that represents a total within a smaller category or set before reaching the Grand Total.
A detailed look at subjective goodwill, its calculation, importance in business valuation, historical context, key events, types, and more.
Subledger refers to a detailed subset of the General Ledger, such as a sales ledger or purchase ledger, used in accounting systems to track detailed financial transactions and ensure they align with the overarching financial records.
Subsequent Events refer to events or transactions that occur after the balance sheet date but before the audit report issuance, which could significantly affect the financial statements.
A Subsidiary Account is a detailed accounting record that tracks individual entries under a specific control account, enabling accurate financial tracking and reporting.
An in-depth exploration of the role, responsibilities, and significance of a subsidiary auditor in corporate governance and financial reporting.
Understanding the principle of substance over form in accounting, which emphasizes the commercial reality of transactions over their legal form.
The Substance over Form Doctrine is a broader tax principle that underlies the concept of constructive dividends, emphasizing the importance of the actual substance of transactions rather than their legal form.
The Substance Over Form Doctrine ensures that tax liability reflects the economic reality rather than just legal constructs. It is essential for maintaining the integrity of financial reporting and taxation.
A significant underreporting of taxable income that can lead to additional penalties, impacting individuals and businesses.
Substantive Analytical Procedures are techniques used in auditing to gather evidence regarding the accuracy and completeness of specific account balances.
Detailed examination of substantive procedures in auditing, designed to detect material misstatements at the assertion level.
Substantive Testing involves detailed accounting procedures aimed at verifying the accuracy of specific transactions and balances, essential for managing detection risk within the Audit Risk Model (ARM).
Audit tests designed to check the completeness, ownership, existence, valuation, and disclosure of the information contained in the accounting records and financial statements of an organization being audited.
A comprehensive exploration of subsubsidiaries, their definition, types, historical context, key events, importance, and more.
A method of calculating the amount by which a fixed asset is depreciated in an accounting period using the sum of the digits for each year of the asset's life.
An in-depth exploration of Sum-of-the-Years' Digits (SYD), an accelerated depreciation method that uses a changing fraction each year to allocate higher depreciation expenses to earlier periods of an asset's useful life.
Sum-of-the-Years'-Digits (SYD) is an accelerated asset depreciation method that writes off the asset's cost more rapidly in its earlier years.
An abbreviated form of the annual accounts and report, providing certain conditions are met, that may be sent by listed companies to their shareholders instead of the full report.
An in-depth exploration of sundry expenses, their significance in accounting, examples, historical context, and related terms.
A comprehensive look into sunk costs, their economic impact, types, key examples, and their significance in decision-making.
An in-depth look into Support Cost Centres, their functions, importance, and applications within cost accounting.
Understanding Surplus Account: Earnings officially allocated from retained earnings, differing from undivided profits.
