Management accounting-scope
Write down the scope of Management accounting?
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The scope of Management Accounting is illustrated below: i) Revaluation accounting ii) Financial Accounting iii) Cost Accounting iv) Control Accounting v) Marginal Costing vi) Budgetary Control vii) Financial Planning and viii) Decision accounting ix) Break Even Analysis x) Taxation xi) Reporting xii) Audit
Indirect Cost: A cost which can’t be recognized particularly with or traced to a specified cost object in an economically feasible manner.
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.
Write down a short note on the Performance evaluation and control in decision making process?
Describe the provision of 'Indian partnership Act 1932‘concerning sharing of profits in lack of any provision in partnership deed. Answer: In the lack of any p
What are the possible broad regions of decision making process where management accounting information is required?
The first section of the statement of cash-flow. Cash flows from operating activities include transactions (involving cash) that relate to the normal busi- ness activities of the entity. Cash-flows in this section usually involve cash and other current asset or curren
Explain the term fixed capital of partners? Answer: Partners' capital is state to be fixed if the capital of Partners remains unchanged except in the situation where
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.
The duties of each partner: The partners are beneath a fiduciary duty towards one another to: Render true accounts; Account for private gains; and Refrain from competition with the partnership firm.
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