Comparability-Accounting information
What do you mean by the term Comparability which is accounting information?
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Comparability: This quality will allow managers to recognize changes in the business over time. This will as well help them to compute the performance of the business in relation to other identical businesses. Comparability is accomplished by treating items which are fundamentally the same in similar way for management accounting aims. Comparability tends as well to be improved by making clear the policies which have been adopted in measuring and representing the information.
Why is it significant to encompass a partnership deed in writing? Answer: Partnership deed is significant as it is a document stating relationship of each and every
State some contents of a partnership deed. Answer: A) Name of the firm.B) Name and complete address of the Partners.C) The date of formation and period of Partnership.D) Ratio in which gain or loss
Liability of partners: A) Under contract law: Liability is joint only (collectively); The creditor has only one right of action (except in NSW, where liability is now joint and several).
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Profit or Loss (P&L) Analysis: A financial statement which summarizes the revenues, costs and expenses acquired during a particular period of time - in general a fiscal quarter or year. Such records give information which exhibits the capability o
Managerial Cost Accounting System: The organization and processes, whether automated or not, and whether portion of the general ledger or stand-alone, which accumulates and reports constant and trustworthy cost information and perform
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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Write down a short note on the influence of manager’s behavior in management accounting information?
Variance: The rate, amount, extent, or degree of change, or the divergence from a preferred state or characteristic.
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