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.
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
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What are the various factors which occurred due to the changing business landscape?
What are the various features of the management accounting information system?
Write a short note on selecting strategic options and formulating the plans?
describe how costs can be classified giving examples in each classification. explain how the different cost classifications can assist management in decision making
explain how the provision of management accounting information can assist the management of a company with planning, controlling, decision making and communicating
Common Cost: It is the cost of resources used jointly in the production of two or more outputs and the cost can’t be directly traced to any one of those outcomes.
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