Define Cost
Cost: The monetary value of resources employed or liabilities or sacrificed incurred to attain an objective, such as to obtain or make a good or to execute an activity or service.
The term used in governmental accounting to identify amounts that the governmental unit is authorized to spend for debt repayment, operating activities, and asset acquisition. The appropriations account is a budgetary account that acts as a control account for all budgeted expenditures. More usua
Activity Analysis: The identification and explanation of activities in an association. The activity analysis comprises determining what activities are completed within a department and how many people execute the activities, how much
From the books of Aggarwal Bors, the following information have been extracted: Rs. Sales 2,40,000 Variable costs 1,44,000 Fixed costs 26,000 Profit before tax 70,000 Rate of tax 40% The firm is proposing to buy a new plant which can generate additional annual profit of Rs. 10,000. The fixed
Describe fluctuating capital of partners? Answer: Partner‘s capital is stated to be fluctuating if capital modifies with every transaction in the capital accou
Responsibility Center: It is an organizational unit headed by the manager or a group of managers who are responsible for its actions. The responsibility centers can be measured as revenue centers (that is responsible for revenue or sa
Briefly define the term Strategic management and also state the reason why it is designed?
Cost Object (also referred to as Cost Objective): It is an activity, item, or output whose cost is to be computed. In a wide sense, a cost object can be an organizational division, task, a function, product, service, or a customer.
Three main elements of Partnership: A) Carrying on of a business: • A ‘business’ is any trade, occupation or pr
What are the main reasons that the operation of business environment has become ever more turbulent and competitive?
Write some main features of partnership? Answer: Essential elements or major features of Partnership are as follows: A) Two or m
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