Define Activity
Activity: The real work task or step executed in generating and delivering products and services. The aggregation of actions executed within an organization which is helpful for the purpose of activity-based costing.
Controllable Cost: A cost which can be influenced by the action of responsible manager. The word always refers to a particular manager as all costs are controllable by somebody.
Describe the status of partnership from an accounting point of view? Answer: From an accounting point of view, partnership is a separate business entity. From legal
Expenditure that increases the dollar amount of fixed assets on the balance sheet. These outlays either increase the value of assets already owned or add additional assets. The payments increase the future benefit of an asset by extending the life of the asset, increa
A security that starts as an instrument similar to as check, in which a customer asks the bank to pay the designated amount to a payee in the future. The bank accepts the order, becoming responsible for payment, because the customer has the money to back the check, an
Choose the right answer from following. Which one did not contribute to the large Federal budget deficits in the year of 2002 and 2003? A) spending on the wars in Afghanistan and Iraq. B) low interest rates. C) Federal tax cuts. D) the recession of 2001 and its afterm
Standard Costing: A costing technique which joins costs to cost objects based on reasonable approximations or cost studies and by the means of budgeted rates instead of according to actual costs incurred. The predictable cost of gener
Write down the scope of Management accounting?
Three main elements of Partnership: A) Carrying on of a business: • A ‘business’ is any trade, occupation or pr
Traceability: The capability to assign a cost directly to a particular activity or cost object by identifying or observing particular resources used by the activity or cost object.
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