Posted Variance Analysis [Material Variances] Notes

After writing down the pages the first time, we had to remake, remake and remake the pages umpteen number of times, to refine the content so that it would be of use to the students.

Here it is the content for “Variance Analysis“.
Its completely different, go through it without fail.

The problem that we identify with this topic (which is branded tough, typical,… so on) with majority of the students is that they do not seem to have understood what it is actually. What variances mean, what information they provide, (one more proof that accounting is a tool that helps us in deriving information) how to understand the information and what conclusions to draw from the results.

We strongly believe that once this understanding is in place, it would sound like nothing. Very easy…

Somehow we just cannot ask the student to mug up a set of formulae and then think he/she has got proficiency in the topic. We strongly feel that the student needs to be in a position to apply the knowledge in problem solving and not in the knowledge of solutions to some problems based on a set of problems he/she already learnt (the so called models of problems).

We dont certify our work and say we did a good job, great job… and so on..
We wish the reader to say whatever he/she feels so that we can refine our content and make it more useful.

We eagerly look forward for both “Accolades” and “Brickbats”, something like the carrots and sticks that our management teachers/lecturers tell us about.

Team FutureAccountant
at krishbhavara

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Accounting process – Consignment Accounting

Basic Accounting Process

We have recently uploaded academic content relating to the basic accounting process. This content takes you through a small example situation making you understand the need for accounting and gives you an insight into the basics of accounting.

After going through the content you would appreciate the approach we have adapted to make the reader understand the fundamental concepts in accounting.

You would walk through the process of learning about concepts, conventions, the journal, ledger and the trial balance all in a short span with an understanding that would make you feel at ease.

These approaches are unique to us and we have derived this methodology of teaching accounting over a period of time. Its tested and proven method.

Its one of the best notes you can lay your hands on for learning accounting.

Consignment Accounting

Consignment accounting is partially complete. Even here we do take you through an example, which would make it easy for you to understand the consignment business and the various transactions that an accountant comes across in consignment accounting.

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Accounting the Super Power!!!

Yes, Accounting is a “Super Power”. We do not know how many would agree with this. There is a logical reasoning behind this.
Every one of us accept that “Information is Power”.

What’s the basic purpose of accounting?
The basic purpose of accounting is derivation of information.

Then, if “Information is Power”, what should the one that derives it be?

Super Power!!! isn’t it?

Be aware that the accounting function is going to play a major role in the future of organisations. The key person is the accountant. We are not talking about the accountant in the traditional role that we visualise. Not the one whose only function is to maintaining records. He/She would be the guide for the organisation. The one who would be able to show the organisation the paths it has to tread, make aware of the pitfalls because everything is ultimately measured in terms of its economic consequence.

Be alert and get ready for the revolution that would place accountants in a position of supreme power.

Beware, even those holding powers may not be powerful unless they know how to utilise their powers in a proper manner.

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Welcome to the FutureAccountant’s blog

Welcome to the futureaccountant’s blog.
This is a blog which works in union with the forum wherein you can put up your opinions and discuss your ideas with others relavant to this field. You can post comments relavant to the topics that are already being discussed.

This blog will contain excerpts from the postings of the forum as well as anything that we feel needs to be given a kick start as a topic of discussion

We wish to make a users experience at FutureAccountant a wonderful and a useful one.

You are welcome to post your comments on the writings here as well for which you need to register. All comments are subject to review and would be visible to others only after the moderator completes review.

You are also welcome to post topics here. However, you would be authorised to post only comments. Therefore, if you wish to post a topic in this kindly, post it as a comment which will be reviewed and posted as a topic subsequently.

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Whats in store?

Starting from now we will discuss topics that would interest the accounting community, both students as well as professionals….

Topic coming up

Accounting the Super Power!!!

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