What is Service
What do you mean by Service: It is an intangible product or task rendered directly to a client or customer.
describe how costs can be classified giving examples in each classification. explain how the different cost classifications can assist management in decision making
Briefly illustrate the general role of accounting?
Choose the right answer from following. Which one did not contribute to the large Federal budget deficits in the year of 2002 and 2003? A) spending on the wars in Afghanistan and Iraq. B) low interest rates. C) Federal tax cuts. D) the recession of 2001 and its afterm
Write a short note on the main working areas of the Routing and personnel department?
Expense: The Outflow or other using up of resources or acquiring liabilities (or a combination of both), the advantages from which exert to an entity's operations for the present accounting period, however they do not expand to future
Actual Cost: It is the amount (sum) determined on the basis of cost acquired involving standard cost appropriately adjusted for the applicable variance.
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
An income statement item that represents the difference between the actual cash amount and an accounting measure of how much cash there should be. The most common example exists in a retail situation where the cash in the cash register is compared to the register tape
Cost: The monetary value of resources employed or liabilities or sacrificed incurred to attain an objective, such as to obtain or make a good or to execute an activity or service.
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.
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