Understandability-Accounting information
What do you mean by the term Understandability which is accounting information?
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Understandability: Management accounting reports must be stated as clearly as possible and must be understood by such managers at whom the information is mainly aimed.
Opportunity Cost: The value of the substitutes foregone by approving a particular strategy or utilizing resources in a particular manner. Al so termed as Alternative Cost or Economic Cost.
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What do you mean by the term Reliability which is accounting information?
What are the possible broad regions of decision making process where management accounting information is required?
Accounts used in governmental accounting to record the budget amounts but not the actual amount. For example, at the beginning of the accounting period, the planned amount of tax revenue, revenue from license, and inflows from fines would be recorded as one amount in
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What do you mean by the term Comparability which is accounting information?
Value-Added Activity: An activity which is judged to contribute to customer value or gratify an organizational requirement. The characteristic "value-added" reflects a belief that the activity can’t be removed without decreasing
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