Management accounting and financial accounting
What does the difference between management accounting and financial accounting suggest?
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Distinction between the management accounting and financial accounting advises that there are differences among the information requirements of managers and such of other users. Whilst differences unquestionably exist, there is as well a good deal of overlap between such requirements. For illustration, managers will, at times, be fascinated in receiving a chronological overview of business operations of the sort given to other users. Uniformly, the other users would be fascinated in receiving information associating to the future, like the planned level of gains and non-financial information.
What do you mean by the term Mission statements? Briefly describe it.
1) Dissolution ENDS the partnership. a) Action of the parties: • By the expiration of a fixed term;• If entered
Write down a short note on the benefit of economic in accounting management information?
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What are Aging of Accounts? Briefly illustrate it.
Managerial Cost Accounting System: The organization and processes, whether automated or not, and whether portion of the general ledger or stand-alone, which accumulates and reports constant and trustworthy cost information and perform
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.
Investor Accounting: It is an individual who commits money to investment products with the hope of financial return. Usually, the primary concern of an investor is to diminish risk whereas maximizing return, as opposed to a speculator, who is willing
Differential Cost: The cost difference predicted when one course of action is adopted rather than others.
Job Order Costing: A technique of cost accounting which accrued costs for individual jobs or lots. A job might be a service or manufactured item, like the repair of tools or the treatment of a patient in the hospital.
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