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MEASURES OF DISPERSION IN STATISTICS : Dispersion, meaning and definition; Importance; Relative and absolute measures of dispersion. DISPERSION Dispersion indicates the measure of the extent to which individual items differ. It indicates lack of uniformity in the size of items. ACCORDING TO BROOK AND DICKS “Dispersion is the degree of the variation of the variable…
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MEASURES OF CENTRAL TENDENCY BCOM 1ST YEAR: Median, Mean and Mode. Features of Good Average. All previous year questions. Question: What do you mean by Arithmetic Mean? Differentiate between Simple and Weighted Arithmetic Mean. When is the usage of median is considered more appropriate than mean? Answer: ARITHMETIC MEAN: Arithmetic Mean or the mean is…
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BUSINESS STATISTICS NOTES BCOM 1ST YEAR: Meaning and definition of statistics, scope of statistics, importance of statistics in business and trade, limitations and distrust of statistics, advantages of statistics. statistics in plural and singular sense. QUESTION: Define Statistics. Discuss the scope of statistics in business. Statistics are numerical statement of facts capable of analysis and…
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BRANCH ACCOUNTING NOTES FOR BCOM: Methods of branch accounting; different types of branches; incorporation of branch trial balance QUESTION: What is meant by Incorporation of Branch Trial Balance? What are the various entries for incorporation of Branch Trial Balance in the books of Head Office? OR QUESTION: Explain the ways of incorporating Trial Balance of…
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DEPARTMENTAL ACCOUNTS BCOM 1ST YEAR : Departmental accounting, meaning, features, objectives, advantages, allocation of expenses. QUESTION: What do you mean by departmental accounts? Explain its objectives. Briefly discuss the methods of departmental accounts. DEPARTMENTAL ACCOUNTING: Departmental Accounting refers to maintaining accounts for one or more departments of the company. Revenues and expenses of the department…
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Consignment Accounts notes on meaning and features of consignment accounts, treatment of normal and abnormal loss and valuation of stock on consignment? QUESTION: What do you mean by Consignment? What are its salient features? CONSIGNMENT: Consignment is a specialized kind of transaction which involves the two parties i.e. Consignor and Consignee. In this the consignor…
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Joint Venture notes on different methods of recording transactions relating to joint venture; difference between consignment and joint venture; difference between joint venture and partnership. QUESTION: Explain different methods of recording transactions relating to Joint Venture? JOINT VENTURE: The Joint venture may be defined as temporary partnership between two or more persons without the use of firm’s…
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Voyage Account Notes on the topic of complete voyage and accounting for incomplete voyage. QUESTION: What is the meaning of Voyage Account? How is it prepared? VOYAGE ACCOUNT: Voyage Account is an account which is prepared by the shipping companies. This account is prepared to get a complete record of the profits earned and loss…
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Final Accounts of Sole trader covers the topic of Preparation of Profit and loss account and Balance sheet. QUESTION: Explain the Income statement under Sole Trader Concept. Income statement of sole trader consists the preparation of Trading account and Profit and Loss account. Income statement shows how much the sole trader has earned the profit…
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CAPITAL AND REVENUE NOTES covers the topic of Difference between Capital and revenue expenditure and Difference between Capital and Revenue receipts. QUESTION: What do you understand by capital and revenue expenditure? Explain the difference between these two? OR QUESTION: “Capital expenditure is different from revenue expenditure.” Explain CAPITAL EXPENDITURE The expenditure incurred by the business…
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