Define Cost Accounting Practice
Cost Accounting Practice: Any disclosed or recognized accounting process or technique that is used for the measurement of cost, assignment of cost to cost objects and assignment of cost to accounting periods.
The duties of each partner: The partners are beneath a fiduciary duty towards one another to: Render true accounts; Account for private gains; and Refrain from competition with the partnership firm.
Partnership deed: Partnership deed is a written agreement including the terms and conditions agreed by all the Partners.
ACCOUNTING PROCESS: The process of Accounting involves the following steps: Q : Number of Partners in Partnership What What is the maximum and minimum number of partners in each and every type of partnership? Answer: There must be at least two persons to build a Partnership. The maxi
What is the maximum and minimum number of partners in each and every type of partnership? Answer: There must be at least two persons to build a Partnership. The maxi
explain how the provision of management accounting information can assist the management of a company with planning, controlling, decision making and communicating
Why does a tax form a deadweight loss? A tax forms deadweight loss by artificially increasing price above the free market level, therefore reducing the equilibrium quantity. This reduction in demand decreases consumer as well as producer surplu
Avoidable Cost: The cost related with an activity which would not be acquired if the activity were not executed.
Opportunity Cost: The value of the substitutes foregone by approving a particular strategy or utilizing resources in a particular manner. Al so termed as Alternative Cost or Economic Cost.
Responsibility Center: It is an organizational unit headed by the manager or a group of managers who are responsible for its actions. The responsibility centers can be measured as revenue centers (that is responsible for revenue or sa
Partnership: Whenever two or more persons enter into an agreement to take on business and share its gain and losses, it is a condition of partnership. It can also define as: "Partnership is the relation among persons and who have granted to share the
18,76,764
1945426 Asked
3,689
Active Tutors
1422713
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!