Define Traceability
Traceability: The capability to assign a cost directly to a particular activity or cost object by identifying or observing particular resources used by the activity or cost object.
Variable Cost: A cost which differs with changes in the level of an activity, whenever the other factors are held constant. The cost of material treating to an activity, for illustration, differs according to the number of material de
Common Data Source: All of the programmatic and financial information available for the cost, budgetary, and financial accounting processes. This comprises all financial and much non-financial data, like environmental data, which are
describe how costs can be classified giving examples in each classification. explain how the different cost classifications can assist management in decision making
What are the key qualities or characteristics which accounting information should possess?
From the books of Aggarwal Bors, the following information have been extracted: Rs. Sales 2,40,000 Variable costs 1,44,000 Fixed costs 26,000 Profit before tax 70,000 Rate of tax 40% The firm is proposing to buy a new plant which can generate additional annual profit of Rs. 10,000. The fixed
Explain the term fixed capital of partners? Answer: Partners' capital is state to be fixed if the capital of Partners remains unchanged except in the situation where
Managerial Cost Accounting System: The organization and processes, whether automated or not, and whether portion of the general ledger or stand-alone, which accumulates and reports constant and trustworthy cost information and perform
Estimated Cost: The procedure of projecting a future outcome in terms of cost, based on information accessible at the time. The estimated costs, instead of actual costs, are at times the basis for credits to work-in-process accounts a
Write a short note on the relationship between risk and return?
Differential Cost: The cost difference predicted when one course of action is adopted rather than others.
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