Define Management Accounting
Give a brief introduction of the term ‘Management Accounting’. And also write down its objectives?
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Management Accounting is the procedure of determine, presentation and interpretation of accounting information gathered with the assist of cost accounting and financial accounting, so as to assist management in the procedure of decision making, formation of policy and daily operation of an organization. Therefore, it is clear from the above that the management accounting is depended on cost accounting and financial accounting. The objectives of Management Accounting are illustrated below: i) Measuring performance: Management accounting evaluates two kinds of performance. Primary is employee performance and the subsequent is efficiency measurement. The real performance is evaluated with the standardized performance and a report of divergence from the standard performance is reported to the management for the effectual decision making and also point to the effectiveness of the techniques in use. Both kinds of performance management are employed to make counteractive actions so as to improve performance. ii) Assess Risk: aspire of management accounting is to review risk so as to maximize risk. iii) Allotment of Resources: is a significant objective of Management Accounting. iv) Presentation of different financial statements to the Management.
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
Explain Management accounting as an information system in brief?
Full Cost: The sum of all costs needed by a cost object comprising the costs of activities executed by other entities in spite of of funding sources.
What are Aging of Accounts? Briefly illustrate it.
Write some main features of partnership? Answer: Essential elements or major features of Partnership are as follows: A) Two or m
The duties of each partner: The partners are beneath a fiduciary duty towards one another to: Render true accounts; Account for private gains; and Refrain from competition with the partnership firm.
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Cost Accounting Practice: Any disclosed or recognized accounting process or technique that is used for the measurement of cost, assignment of cost to cost objects and assignment of cost to accounting periods.
Q : When does a partnership exist A) A A) A partnership may be formed either expressly or impliedly, and in each case all the circumstances should be examined in order to ascertain: The intention of the parties; Whether there has been a
A) A partnership may be formed either expressly or impliedly, and in each case all the circumstances should be examined in order to ascertain: The intention of the parties; Whether there has been a
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