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.
Briefly illustrate the general role of accounting?
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.
Briefly define the term Strategic management and also state the reason why it is designed?
What do you mean by the term Reliability which is accounting information?
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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.
What do you understand by the terms partners, firm and firms name? Answer: The persons who have entered into a Partnership with each other are individually termed 'P
Briefly define how useful is the management accounting information is?
Q : Define Avoidable Cost Avoidable Cost : Avoidable Cost: The cost related with an activity which would not be acquired if the activity were not executed.
Avoidable Cost: The cost related with an activity which would not be acquired if the activity were not executed.
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