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
Give reasons in favor of having a partnership deed. Answer: A) In situation of any dispute or doubt, Partnership deed is the gui
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
The operating level at which the total sales revenue equals the total cost. Total sale revenue is equal to the price per unit times the number of units sold. Total cost equals total variable cost, the number of units sold in time the variable cost per unit and the tot
A form of long-term debt that appears in the liabilities section of the balance sheet. A company sells bond as a way to borrow large amount of cash. The buyer pays for the bond and receives regular interest payment, annually or semiannually, for the duration of
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
Meaning of Reconstitution: Any alter in agreement of partnership is termed as reconstitution of partnership firm. In following circumstances a partnership firm might be reconstituted: A) Alter in Profit Sharing Rat
Write a short note on the changing responsibilities of the management accountant?
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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
Indirect Cost: A cost which can’t be recognized particularly with or traced to a specified cost object in an economically feasible manner.
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