Define Actual Cost
Actual Cost: It is the amount (sum) determined on the basis of cost acquired involving standard cost appropriately adjusted for the applicable variance.
Cost or Benefit Analysis: The Cost-benefit analysis (abbreviated as CBA) is an analytical device for assessing and pros and cons of moving forward with the business proposal. It is a process by which business decis
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.
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A plan for the cash coming into and going out of a business. Based on the sale forecast, the timing and amounts of cash receipts. Based on forecast of resources necessary to meet the sale forecast, management budgets the cash disbursements. This proc
What do you mean by the term Reliability which is accounting information?
Variance: The rate, amount, extent, or degree of change, or the divergence from a preferred state or characteristic.
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
Cost Allocation: This is a technique of assigning costs to activities, outputs, or other cost objects. The allocation base employed to assign a cost to objects is not essentially the cause of the cost. For illustration, assigning the
Support Costs: Costs of activities are not directly related with the production. Typical illustrations are the costs of automation support, postage, communications, process engineering, and purchasing.
Write down a short note on the major tasks of board that runs the organization?
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