What is motive power in accounting?

Motive Power basically means any power, as electricity or steam energy etc,used to impart motion to any source of mechanical energy. Regards.

Where is motive power in final accounts?

Fuel and motive power expenses: They are considered as direct expenses as they are directly related to the production. It is debited to trading account.

Is trading account a nominal account?

Nominal accounts are the ones which records all incomes and expenses to find out net profit or loss. Thus, trading account is a type of nominal account because it matches all the conditions of any nominal account.

Is insurance a Profit and Loss Account?

It must be remembered that expenses relating to the owner or partners are not to be accounted for in the Profit and Loss A/c of the firm. These expenses are usually (i) Life insurance premium, (ii) Income tax, and (iii) Household or personal expenses.

What is motive load?

Motive power is a term in thermodynamics referring to the harnessed energy or force that is used to power a mechanical device or system. Most simply, it’s any source of power that imparts motion. Water, steam and wind are a few of the natural agents that provide motive power.

Which is not a branch of accounting?

Human Resource Accounting is not a branch of accounting.

Is Motive power direct expense?

Motive Power These are considered direct expenses since these are directly related with the production of goods and are debited to Trading Account.

Is heating and lighting a direct expense?

Such expenses are incurred for output generally and not for particular work order; e.g., wages paid to watch and ward staff, heating and lighting expenses of factory, etc. Overhead expenses are all costs on the income statement except for direct labor, direct materials, and direct expenses.

Is car insurance an asset or expense?

Under the accrual basis of accounting, insurance expense is the cost of insurance that has been incurred, has expired, or has been used up during the current accounting period for the nonmanufacturing functions of a business. Any prepaid insurance costs are to be reported as a current asset.

What is motive power technician?

Analyze and solve motive power system problems. Diagnose and repair mechanical, electrical and electronic components and systems using a variety of troubleshooting techniques and test tools. Safe work practices and skills in project management, quality control and assurance.

How is Pspcl load calculated?

taken as 2.5 kW….Connected Load.

Where does Motive Power go in final accounts?

What trading account includes?

Trading account is a statement which is prepared by a business firm. In other words, the trading account gives details of total sales, total purchases and direct expenses relating to purchase and sales. Trading account format for the year contains Particulars, Amount, Dr., Cr., Purchases, Sales, etc.

Is lightning a direct expense?

If, however, these expense relate to Office- they are indirect expenses and thus should be debited to Profit and Loss Account.

What is motive power mean?

1 : an agency (such as water or steam) used to impart motion especially to machinery. 2 : something (such as a locomotive or a motor) that provides motive power to a system.

How is insurance treated in accounting?

Prepaid Insurance Journal Entry When the asset is charged to expense, the journal entry is to debit the insurance expense account and credit the prepaid insurance account. Thus, the amount charged to expense in an accounting period is only the amount of the prepaid insurance asset ratably assigned to that period.

Which account is mainly for traders?

What is the difference between Demat Account and Trading Account

Can I have 2 trading accounts?

There is nothing illegal about having more than one. You CAN have multiple brokerage accounts. However, there are also sound reasons for keeping all of your investments at the same brokerage firm.