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
What are the various features of the management accounting information system?
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
List the items that might appear on the debit side and credit side of a partner's fluctuating capital account. Answer: On debit side: Drawing, interest on drawing, c
Give circumstances in which the fixed capital of partners might change. Answer: Two circumstances in which the fixed capital of Partners might change are as follows:
How to make a VAT entry in books including set off?
Cost Reduction: The procedure of looking for, finding and eliminating unwarranted expenses from the business to raise gains without containing a negative impact on the product quality. Most of the business managers will engage in periodic cost reducti
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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
Variable Cost: A cost which differs with changes in the level of an activity, whenever the other factors are held constant. The cost of material treating to an activity, for illustration, differs according to the number of material de
Cost Driver: Any factor which causes a modification in the cost of an action or output. For illustration, the quality of portions received by an activity, or the degree of complexity of tax returns to be evaluated by the IRS.
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