Accounting

What Is the Difference Between Policy and Legislation?

Meaning of policy Policies are documented steps necessary for an organization, individuals, or group of individuals to ensure that the organization’s overall goals are being achieved. Many times policies may involve certain sets of decisions to ensure solving a long-term purpose for any particular problem. Policies simply outline what needs to be done, who is …

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Accounting for Consignment Inventory: Definition, Example and Journal Entries

What is Consignment Inventory? Consignment Inventory refers to an inventory arrangement that results from an agreement. This agreement mostly specifies that one party is required to hold inventory for another party for a specific purpose. In this regard, the main objective of the holder is to sell the inventory on the behalf of the initial …

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Economy Pricing Strategy – Definition, Examples, And Much More!

Economy Pricing Strategy can be defined as a method of pricing which involves a lower price assigned to a product as a result of decreased production costs. This pricing strategy is adopted by businesses in order to make generic and commodity-related products more consumer-centric in terms of lower prices. The main rationale is to provide …

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Accounting for write off a Company’s car (Explanation, Example, and Journal Entries)

The write-off is one of the most renowned accounting treatments, but most of us don’t know the exact cause of bringing things into this treatment.  If an asset has no worth, it should be written off. Consider on the off chance that a resource’s worth perseveringly reduces and is diminished to nothing; it will become …

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