Features of the management accounting information system
What are the various features of the management accounting information system?
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The various features of management accounting information system are as follows:
a) Recognizing and capturing the relevant information.b) Recording the information collected in a methodical method.c) Analyzing and interpreting the collected information collected.d) Reporting the information in a way which suits the requirements of individual managers.
Describe fluctuating capital of partners? Answer: Partner‘s capital is stated to be fluctuating if capital modifies with every transaction in the capital accou
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
Activity: The real work task or step executed in generating and delivering products and services. The aggregation of actions executed within an organization which is helpful for the purpose of activity-based costing.
An account in financial reporting that increases the book value of a liability account. An adjunct account is a valuable account from which cred
An income statement item that represents the difference between the actual cash amount and an accounting measure of how much cash there should be. The most common example exists in a retail situation where the cash in the cash register is compared to the register tape
Operating Budgets: It is a financial document which aids a business in making significant decisions regarding its actions. An operating budget does not contain instant impact on the actual state of the business and exhibits only future projections. Bu
The rights of each partner: Under the Partnership Act, partners have the right to: Share equally in profits and losses; Indemnity; Interest on advances; Interest on capital; Share in management of
The amount of interest that an organization would have avoided if it had not made the expenditures for an asset. Avoidable interest is calculated when an entity is self- constructing an asset. The cost of the asset can include material, labor, and overhead plus some interest. The c
State some contents of a partnership deed. Answer: A) Name of the firm.B) Name and complete address of the Partners.C) The date of formation and period of Partnership.D) Ratio in which gain or loss
Identify and evaluate the strategic options in brief?
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