business management
Ledger
Accounting is an important part of business management and it helps maintain accurate records of financial transactions. It is a systematic process of recording, summarizing, analyzing, verifying and reporting all financial information related to a company’s activities. It is done to ensure accur......
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Emily
devil training method
The Devils Training Method
Most of us are familiar with the concept of mindfulness and self-improvement, but few of us are familiar with the concept of “The Devil’s Training Method.” This is an idea developed by author and motivational speaker Tom Harrington. It first appeared in a book he wro......
meaning making theory
Meaning Construction Theory
Meaning construction theory is a sociological concept that posits the idea that the meanings of social phenomena are not inherent but rather, constructed by people in the course of their everyday lives. The theory was developed by sociologist Peter Berger and Thomas Lu......
business psychology
Introduction
Psychology has long been considered an important discipline when it comes to understanding human behavior and decision-making. One particular area of psychology, known as commercial or business psychology, has become increasingly important as businesses grapple with a wide range of i......
Standard Cost Management
Standard Cost Management
Standard cost management is a process for controlling labor, material, and overhead costs for producing manufactured goods or providing services. The process includes setting predetermined standards for cost elements, monitoring actual costs against those standards, and t......
Withholding
Automatic Withholding and Payment
Automatic withholding and payments are processes whereby a person or entity take predetermined amounts of money from a given source at regular intervals and distributes them to an intended destination. Money is generally withheld from one’s income and paid to th......
Inventory turnover days
Inventory turnover, also known as inventory turns, is the ratio between the number of times a company has sold and replaced the inventory during a given time period. It is an important measure of a company’s efficiency and profitability. The ratio is calculated by dividing the cost of sales by th......
inventory audit
Goods Auditing: What It Is and When to Do It
The practice of goods auditing is an important part of the accounting process. An audit of goods is a process of inspecting goods, from their purchase through to their sale. Goods auditing is a means to ensure that goods are properly tracked and report......
Inventory Closing Audit
Inventory cutoff audit
The purpose of an inventory cutoff audit is to confirm that any physical inventory is accurately accounted for and recorded. If a company’s inventory is not tracked properly, it can lead to an incorrect financial report, which can create potential issues for the company wit......
Inventory cost audit
Inventory Cost Auditing
Inventory cost auditing is a critical process for businesses of all sizes. It is an independent review of an organization’s inventory while also assessing items included in the inventory such as raw materials, finished goods, and sub-components. This audit is an objective......
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