Express contracts and implied contracts are two categories of a contract. Express contract illustrates promises made between parties with terms and conditions made clear.Implied contracts are made between parties based on behaviours of parties. Elements of express contracts are offer and acceptance. Implied contracts don’t have any written contract. These ... Read More

Let us learn about costing and cost accounting before understanding the differences between them.CostingIt is the Process of cost determination and recording. There are various types of cost classifications. Costs are mainly classified into two types namely, function and behaviour.Function (costs) is sub divided into manufacturing and non manufacturing (selling ... Read More

To measure the cost of a product, various cost techniques are used. Job costing is used when goods are produced against only special orders. Process costing is used to determine the cost of each process involved in product making.Job costingJob costing determines the cost of each determined job. It is ... Read More

Costing is important to determine the exact cost, profit margins, to detect wastage and for the cost reduction. Companies follow different techniques to determine the cost based on their products, quality and quantity they produced.Some of them are job costing and contract costing.Job costingThis method is used when the company ... Read More

Let us understand the concept of an illegal agreement and a void agreement, before learning about their differences.Illegal agreementAn agreement which violates any law with the nature of crime or any opposition of public policy or immoral is an illegal agreement.Every illegal agreement is unlawful but not all the unlawful ... Read More

To record commitments between the companies or between the parties, contracts and agreements plays an important role. These agreements or contracts also play a role in the companies’ smooth functioning.Void agreementIn simple words, it is not enforced by law which means that the parties which are involved in agreements have ... Read More

Let us understand the void contract and the voidable contract.Void contractVoid contract means an agreement which is not enforceable by law.This contract has no obligation/right/accrues to contract the void contract and also has no legal ability.A contract can become void contract due to the following −If a contract involves illegal ... Read More