Allocating resources in decision making process
Write down a short note on the Allocating resources in decision making process?
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Allocating resources: Resources accessible to a business are restricted and it is the responsibility of managers to try to make sure that they are employed in an efficient and valuable way. Decisions regarding such matters as the optimum level of output, the optimum mix of products and the suitable kind of investment in new equipment will all need management accounting information.
Direct Cost: The cost of resources directly used by an activity. The direct costs are assigned to actions by direct drawing of units of resources used by individual actions. A cost which is particularly recognized with a single cost o
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Actual Cost: It is the amount (sum) determined on the basis of cost acquired involving standard cost appropriately adjusted for the applicable variance.
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