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Utility is the want satisfying power of a commodity. The satisfaction a consumer receives from consuming a product is called utility. Total utility refers to ...

Meaning of Incomplete Records (or Single Entry System). Incomplete accounting records are those accounting records which, at present, are not complete ...

Economic institutions cater to the survival needs of community, every society and community develops ways of coping with everyday situations of life. Social ...

Conversion of Receipts and Payment Account into Income and Expenditure Account. When it is desired to convert a receipts and payments account into an ...

The laws of returns to scale refer to the long run analysis of production. In the long run all the factors become variable. So output can be expanded by ...

The law of variable proportions examines the production function assuming one factors as variable and others as fixed. According to this law, if additional ...

The family is one of society most basic institutions. There is hardly any society Where family does not exist, family as an institution has been considered ...

Receipts and Payments Account:  Nature of Account: It is a real account.Basic Structure: It is basically a summarized cash ...

The ordinary demand curve of a good can be derived by using IC technique particularly using the price consumption curved (PCC). PCC may be defined as the ...

Accrued Income as well as outstanding income are earned by the business and not yet received but in case of accrued’ income, the income has not become due on ...

In 1935, a new legislation was introduced which widened the franchise. On this basis, elections were held in 1937. The Congress won the elections and formed ...

The family is also and important institution because in a family everybody is related either by blood, marriage or by adoption. Prime responsibility of ...

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