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.
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 is the various information that a manager need to make a decision?
What are the Insurance premium in Arrears?
A partnership is stated as ‘the relationship which subsists among persons carrying on business in common with a view togain or profit’
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Indirect Cost: A cost which can’t be recognized particularly with or traced to a specified cost object in an economically feasible manner.
Briefly illustrate the general role of accounting?
Partnership deed: Partnership deed is a written agreement including the terms and conditions agreed by all the Partners.
Liability of partners: A) Under contract law: Liability is joint only (collectively); The creditor has only one right of action (except in NSW, where liability is now joint and several).
Describe Provisional Entries?
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