Illustrate the general role of accounting
Briefly illustrate the general role of accounting?
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The general role of accounting that is to assist people in making informed business decisions. All forms of accounting, comprising management accounting, are mainly concerned with collecting and analyzing financial information and then communicating this information to such making decisions.
Direct Cost: The cost of resources directly used by an activity. The direct costs are assigned to actions by direct drawing of units of resources used by individual actions. A cost which is particularly recognized with a single cost o
Full-Absorption Costing: It is a technique of costing that assigns (or absorbs) all labor, material, and service or manufacturing facilities and support costs to products or another cost objects. The costs assigned comprise those which do and do not d
According to Martin and Steele (2010, p.13), “The two principal professional associations in Australia – CPA Australia (the CPA) and the Institute of Chartered Accountants in Australia (the Institute) have indicated their awareness of the significance of issues of sustainability reporting and develo
explain how the provision of management accounting information can assist the management of a company with planning, controlling, decision making and communicating
What do you mean by Service: It is an intangible product or task rendered directly to a client or customer.
Cost Accounting Practice: Any disclosed or recognized accounting process or technique that is used for the measurement of cost, assignment of cost to cost objects and assignment of cost to accounting periods.
A financial analysis tools that measures the need for financing. The formula is the cash-flow from operating activities divided by the cash paid for long-term asset. Cash paid for long-term assets can be found on the statement of cash-flow, in the investing-activities
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
Indirect Cost: A cost which can’t be recognized particularly with or traced to a specified cost object in an economically feasible manner.
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
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