Define partnership
A partnership is stated as ‘the relationship which subsists among persons carrying on business in common with a view togain or profit’
Actual Cost: It is the amount (sum) determined on the basis of cost acquired involving standard cost appropriately adjusted for the applicable variance.
Describe fluctuating capital of partners? Answer: Partner‘s capital is stated to be fluctuating if capital modifies with every transaction in the capital accou
List the items that might appear on the debit side and credit side of a partner's fluctuating capital account. Answer: On debit side: Drawing, interest on drawing, c
describe how costs can be classified giving examples in each classification. explain how the different cost classifications can assist management in decision making
The increase in value that the owner of a capital asset receives when the asset is sold. The owner pays tax on that gain or increases, at a lower rate if the assets that are sold are capital asset, such as factory buildings, rather than assets that are sold in the nor
A security that starts as an instrument similar to as check, in which a customer asks the bank to pay the designated amount to a payee in the future. The bank accepts the order, becoming responsible for payment, because the customer has the money to back the check, an
Write a short note on the changing responsibilities of the management accountant?
Cost Object (also referred to as Cost Objective): It is an activity, item, or output whose cost is to be computed. In a wide sense, a cost object can be an organizational division, task, a function, product, service, or a customer.
What is the various information that a manager need to make a decision?
Partnership: Whenever two or more persons enter into an agreement to take on business and share its gain and losses, it is a condition of partnership. It can also define as: "Partnership is the relation among persons and who have granted to share the
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