Define Management Accounting
Give a brief introduction of the term ‘Management Accounting’. And also write down its objectives?
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Management Accounting is the procedure of determine, presentation and interpretation of accounting information gathered with the assist of cost accounting and financial accounting, so as to assist management in the procedure of decision making, formation of policy and daily operation of an organization. Therefore, it is clear from the above that the management accounting is depended on cost accounting and financial accounting. The objectives of Management Accounting are illustrated below: i) Measuring performance: Management accounting evaluates two kinds of performance. Primary is employee performance and the subsequent is efficiency measurement. The real performance is evaluated with the standardized performance and a report of divergence from the standard performance is reported to the management for the effectual decision making and also point to the effectiveness of the techniques in use. Both kinds of performance management are employed to make counteractive actions so as to improve performance. ii) Assess Risk: aspire of management accounting is to review risk so as to maximize risk. iii) Allotment of Resources: is a significant objective of Management Accounting. iv) Presentation of different financial statements to the Management.
Actual Cost: It is the amount (sum) determined on the basis of cost acquired involving standard cost appropriately adjusted for the applicable variance.
Liability of partners: A) Under contract law: Liability is joint only (collectively); The creditor has only one right of action (except in NSW, where liability is now joint and several).
describe how costs can be classified giving examples in each classification. explain how the different cost classifications can assist management in decision making
Unfocused Books is a discount retail bookshop that has three departments: fiction, non-fiction and children’s books. Sales and cost of sales for each department are shown below. In addition, each department has its own fixed costs for staffing and takes a one-third share of rental and management cos
Write a short note on Not-for-profit organizations?
1. Contribution After Marketing Assume that the sales forecast for brand TOJO is 160,000 units, and that you expect to sell 50% of these units through mass merchandisers,
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.
The increase in value that the owner of a capital asset receives when the asset is sold. The owner pays tax on that gain or increases, at a lower rate if the assets that are sold are capital asset, such as factory buildings, rather than assets that are sold in the nor
Investor Accounting: It is an individual who commits money to investment products with the hope of financial return. Usually, the primary concern of an investor is to diminish risk whereas maximizing return, as opposed to a speculator, who is willing
The rights of each partner: Under the Partnership Act, partners have the right to: Share equally in profits and losses; Indemnity; Interest on advances; Interest on capital; Share in management of
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