Classification of costs with examples and
describe how costs can be classified giving examples in each classification. explain how the different cost classifications can assist management in decision making
What do you mean by the term relevance which is accounting information?
How have you observed the regulations which affect both your industry and your accounting place?
Variance: The rate, amount, extent, or degree of change, or the divergence from a preferred state or characteristic.
Incremental Cost: The raise or reduction in total costs which would result from a decision to raise or reduce output level, to add a service or task, or to modify any part of operations. This information aids in making decisions such
Differential Cost: The cost difference predicted when one course of action is adopted rather than others.
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What are Aging of Accounts? Briefly illustrate it.
What do you mean by the term key performance indicators or KPI? Explain in brief?
Write down a short note on the Allocating resources in decision making process?
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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