Definition of Cost Accounting

Cost may be defined as the amount of cash equivalent or the fair value
of other consideration given to acquire an asset at the time of its acquisition or construction.

To the economists, cost is what must be given up in order to obtain something. Accountants, extending the perspective of economist, view cost as the value of economic resources used in the production of goods, services, income or profit. Accounting is a term desired from account and which is simply defined as an expression of transaction.

A Review and comparison of Entrepreneurship Development in Nigeria with Japan, South Africa, Malaysia, India and Dubai.

Introduction

Nigeria is naturally endowed with entrepreneurship opportunities; however the realization of the full potential of these opportunities has been dampened by the adaptation of inappropriate industrialization policies at different times. Several policy interventions that were aimed at stimulating entrepreneurship development via small and medium scale enterprises promotion, based on technology transfer strategy, have failed to achieve the desired goals as it led to the most indigenous entrepreneurs becoming distribution agents of imported products as opposed to building in-country entrepreneurial capacity for manufacturing, mechanized agriculture and experts services.

One of the goals of economic development strategies pursued by many countries of the world has been improvement in the standard of living through job creation. Entrepreneurship development is no doubt a vital tool in fostering job creation. Entrepreneurs orchestrate transformations and create new channels for economic activity and employment. Petrin (1994) emphasized that for countries to accelerate economic development in their rural areas, it is necessary to build up the critical mass of first generation entrepreneurs. Thus, all countries that wish to pursue continued development must encourage entrepreneurship.

History of Entrepreneurship in Nigeria

What is Variance?

Definition

Variance Analysis, in managerial accounting, refers to the investigation of deviations in financial performance from the standards defined in organizational budgets. Variance analysis also serves as a tool of budgetary control by evaluation of performance by means of variances between budgeted amount, planned amount or standard amount and the actual amount incurred/sold. Variance analysis can be carried out for both costs and revenues.

Essential Elements of a Contract and Case Studies

An agreement must contain four essential elements to be regarded as a contract. If any one of them is missing, the agreement will not be legally binding.

Offer

There must be a definite, clearly stated offer to do something. For example: A quotation by sub-contractor to the main contractor and an offer to lease.

An offer does not include ball park estimates, requests for proposals, expressions of interest, or letters of intent.

Invitation to treat

Brief description of Independent and Mutual-exclusive projects

Independent project

An independent project is one where the decision to accept or reject the project has no effect on any other projects being considered by the company. For example the decision to replace a company's computer system would be considered independent of a decision to build a new factory. 

Mutually-exclusive Projects

A mutually-exclusive project is one where acceptance of such a project will have an effect on the acceptance of another project. In mutually exclusive projects, the cash flows of one project can have an impact on the cash flows of another. Starbucks decision to buy Teavana will most certainly have a profound effect on the future cash flows of the coffee business as well as influence the decision making process of other future projects undertaken by Starbucks.