Developing objectives and plans in decision making process
Write down a short note on the developing objectives and plans in decision making process?
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Developing objectives and plans: Managers are mainly accountable for establishing the mission and aims of the business and then developing policies and plans to accomplish such objectives. The management accounting information can aid in gathering information which will be helpful in developing suitable objectives and policies. This can as well produce financial plans which set out the likely outcomes from the adopting specific policies. The managers can then employ such financial plans to compute each policy and use this as the basis for deciding between the different policies on offer.
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What do you mean by the term Mission statements? Briefly describe it.
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Traceability: The capability to assign a cost directly to a particular activity or cost object by identifying or observing particular resources used by the activity or cost object.
Actual Cost: It is the amount (sum) determined on the basis of cost acquired involving standard cost appropriately adjusted for the applicable variance.
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