Define partnership
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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What do you mean by the term Understandability which is accounting information?
Estimated Cost: The procedure of projecting a future outcome in terms of cost, based on information accessible at the time. The estimated costs, instead of actual costs, are at times the basis for credits to work-in-process accounts a
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.
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
Variance: The rate, amount, extent, or degree of change, or the divergence from a preferred state or characteristic.
Meaning of Reconstitution: Any alter in agreement of partnership is termed as reconstitution of partnership firm. In following circumstances a partnership firm might be reconstituted: A) Alter in Profit Sharing Rat
ACCOUNTING PROCESS: The process of Accounting involves the following steps: Q : Management accounting as an information Explain Management accounting as an information system in brief?
Explain Management accounting as an information system in brief?
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.
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