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
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
Q : Avoidable interest The amount of The amount of interest that an organization would have avoided if it had not made the expenditures for an asset. Avoidable interest is calculated when an entity is self- constructing an asset. The cost of the asset can include material, labor, and overhead plus some interest. The c
The amount of interest that an organization would have avoided if it had not made the expenditures for an asset. Avoidable interest is calculated when an entity is self- constructing an asset. The cost of the asset can include material, labor, and overhead plus some interest. The c
Performance Measurement: A means of computing effectiveness, efficiency, and outcomes. A balanced performance measurement score-card comprises financial and non-financial measures focusing on the quality, cycle-time, and price. The performance measure
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
What are Aging of Accounts? Briefly illustrate it.
Traceability: The capability to assign a cost directly to a particular activity or cost object by identifying or observing particular resources used by the activity or cost object.
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.
Partnership deed: Partnership deed is a written agreement including the terms and conditions agreed by all the Partners.
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