Finance 

How to calculate Predetermined Overhead Rate easily?

Predetermined Overhead Rate for machine hours is calculated by dividing estimated manufacturing overhead cost total by estimated machine hours. Departmentalization of factory overhead means dividing plant into parts or sections called cost centers to which expenses are charged. From the accounting point of view, the division of plant into separate segment. According to some logical form provides more accurate results and better control. More accurate costing of jobs and products is possible. Each department will be charged with overhead rates which are reasonable for that department. Job or product going…

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Finance 

How to make Personal Financial Statement and why you need it?

It is very important to have Personal Financial Statement to know how much are you worth? Many self-made business people, famously in his best-selling blockbuster emphasize the importance of creating personal financial statement. It helps the entrepreneur track their income and change in net worth. At their simplest, personal financial statements include a statement of net worth and a cash-based statement of income. If you run your own business or you are an independent contractor you should already track income and expenses. Perhaps on software such as Quicken or Mint…

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