Define Opportunity Cost
Opportunity Cost: The value of the substitutes foregone by approving a particular strategy or utilizing resources in a particular manner. Al so termed as Alternative Cost or Economic Cost.
What are the possible broad regions of decision making process where management accounting information is required?
What do you mean by the term changing business landscape?
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
Give a brief introduction of the term ‘Management Accounting’. And also write down its objectives?
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
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.
What do you mean by the term provision of management accounting information?
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
An income statement item that represents the difference between the actual cash amount and an accounting measure of how much cash there should be. The most common example exists in a retail situation where the cash in the cash register is compared to the register tape
What is Uncontrollable Cost: The cost over which an accountable manager has no persuade.
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