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determine the need and importance of management accounting1increasing efficiency management accounting increases efficiency of business operations
describe the limitations of management accounting1 based on accounting information the correctness and effectiveness of managerial decisions will
what are the changing role of management accounting1 focus on customer scarification customer satisfactions are continuously gaining high priority in
7 feed from control to planningit is realized these days more than even before that management control is primarily a human activity which should
describe benchmarkingit is the process of measuring products service or activities against the best level of performance which may be found either
explain the cost accounting meaning and definitioncost accounting is the process of accounting for cost which begins with
explain the scope of cost accounting scope of cost accounting the scope of cost accounting is very wide and includes the following1 cost
describe the principles of cost accountingprinciples of cost accounting the fundamental principles of costing are identical and are given below 1
objectives of the cost accountingthe objectives of the cost accounting are ascertain of costs fixation of selling prices proper recording and
what are the advantages of cost accounting1 cost accounting as an aid to management cost accounting helps the management in carrying out of its
disadvantages of the cost accounting1 it is unnecessary it is argued that maintenance of the cost records is not necessary and involves duplication
explain the concepts of costsa cost accountant is mainly concerned with the following cost concepts1 concept of objectives it is this concept that
illustrate the concept of costthe term cost indicates the amount of expenditure actual or national incurred on or attributable to a specified thing
relevant costs and benefits for operating decisionsin operating decisions concentration is on best use of existing capacity incremental analysis
describe the selling costs and development costsselling coststhese are costs of seeking to create and stimulate demand sometimes termed as marketing
determine the distribution cost and research cost distribution costthe cost of sequence of the operations which begin with making the packed product
explain administration cost and pre production costsadministration cost the cost of formulating policy directing the organization and controlling the
what is production costit begins with the supplying of materials labour and services and ends with the primary packing of the producttherefore it
describe committed fixed costs committed fixed costs are those fixed costs that arise from the possession of1 plant building and equipment for
explain variable cost and fixed costvariable costs costs that vary almost in the direct proportion to the volume of production are known as variable
discretionary fixed costs and semi variable costsdiscretionary fixed costs are those which are incurred as a result of management discretion these
explain the cost according to controllabilitycontrollable cost this is a cost which can be inclined by the action of a specified member of an
determine the cost according to normalityaccording to normality under this category cost may be categorized as followsnormal cost it is the cost
explain product costproduct costs are those costs which are associated with and directly identifiable with the product in other words which are
what is period costperiod costs are those costs which are reported as expanses of the period in question these are cost which are not assigned to the