Define Statement of fi nancial condition

Q: Define stand by spares.

A: Current assets:   The assets of the company that cannot be converted into cash within a period of…

Q: Explain the differences between a PPO and an HMO.

A: The question is based on the concept of different types of health insurance policy and their…

Q: Define carried interest

A: Carried interest: It could be a portion of any profit that private equity and hedge reserves common…

Q: Define the term line positions.

A: Employees in the line positions are primarily responsible for achieving the goals of the…

Q: Distinguish between basic and diluted EPS.

A: Earnings per cash (EPS):   The amount available as earnings for each of the common shares…

Q: What is full form of GAAP? Describe about it.

A: Generally Accepted Accounting Principles, are commonly known as GAAP

Q: Explain Destination principle in relation to VAT.

A: The destination principle is a principle in Value Added Tax (VAT) that determines the taxation of…

Q: Define covered call option

A: Covered call option It alludes to financial market exchanges where the financial specialist who…

Q: What is the relevant range of CVP?

A: Introduction: Cost-Volume-Profit (CVP) analysis, also commonly referred to as break-even analysis,…

Q: How to calculate Specification identification

A: Inventory is considered as the items that kept in a business for production or sale or production.…

Q: Define the term performance obligations.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Define going-concern assumption

A: Definition: Accounting: Accounting is a system, or a process of collecting and organizing economic…

Q: Match the terms

A: Accounting principles are the accounting rules which an organization must follow while maintaining…

Q: How is RI calculated?

A:

Q: Define workout

A: Introduction: A workout may be part of bankruptcy process. Bankruptcy is a condition where the…

Q: Define the term Net method.

A: As per the net method, the company records the amount of purchase by deducting any potential…

Q: What is the LIFO conformity rule?

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: Define characteristic line

A: Characteristic line is a graphical representation of alpha (α) where alpha is the difference between…

Q: Discus the elements of GAAS, how does it relate to GAAP?

A: GAAS(Generally Accepted Auditing Standards) :- provides standards by which the prepared financial…

Q: explain about functional and non functional requirements

A: The question is asking to explain the concepts of functional and non-functional requirements, which…

Q: Define commitment fee

A: In financial terms, commitment is a promise made by lender to borrower to provide loan by specific…

Q: Define interest.

A: Interest is the amount charged by the lender for the money lend for specific period.

Q: describe the roles of fi nancial reporting and fi nancial statement analysis;

A: Financial reporting means representing records maintained by an organization in the form of…

Q: what is Reference control ?

A: I assumed as a question, as what is meant by the reference  to cost control?

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.