Bills vs Invoice – What is the difference ?
We often interchange the words invoice and a bill. They are closely related as they are synonymous with each other but sometimes they cannot be
Category: Business Management
Absorption Costing: Pros and Cons
Definition: Absorption costing is an accounting method to help the business in determining the total value of the inventory. It is crucial for the business
What is the Accounting Cycle? Definition and Steps
What is the Accounting Cycle? The accounting cycle is a systematic process of tracking, analyzing and recording all financial transactions of the company, ensuring accurate
What is Master Production Schedule?| Definition, Functions, Example
What is Master Production Schedule? A master production schedule is a comprehensive planning and scheduling process that clearly defines which products need to be manufactured,
What is FIFO (First-In First-Out) Method in Inventory Management?
Definition: The FIFO method is the most logical method to save inventory costs as it will sell the oldest products first and prevents goods from
What is Invoice Management System – Definition, Importance and Types
Invoice is a term which sounds so simpler, but businesses clearly know its huge significance. It’s a crucial financial document received by businesses and has
What are Inventory valuation methods and their importance?
Inventory valuation determines the total value of the inventory owned by the business during a particular period. The total value of the inventory depends on
What are the Types of Manufacturing Processes?
What is Manufacturing Process? Manufacturing process is a step-by-step procedure to convert raw materials into finished products with the help of machinery, labour, tools and
What is Inventory? Definition, types and benefits
What is Inventory? The inventory covers both the finished goods, the raw materials that are in the production process and the work-in-process(WIP) goods. The inventory
What is FSN analysis in Inventory Management?
What is FSN analysis? FSN analysis is an inventory classification method based on how quickly the stock items are consumed or sold. FSN stands for