Define Indirect Cost
Indirect Cost: A cost which can’t be recognized particularly with or traced to a specified cost object in an economically feasible manner.
Partnership Accounting: A business can be a firm, a partnership, or a solitary proprietorship. The corporation is incorporated at state level. The sole proprietorship is one person in business. A partnership is two or more than two persons with an agr
Direct Cost: The cost of resources directly used by an activity. The direct costs are assigned to actions by direct drawing of units of resources used by individual actions. A cost which is particularly recognized with a single cost o
Controllable Cost: A cost which can be influenced by the action of responsible manager. The word always refers to a particular manager as all costs are controllable by somebody.
A function of measuring and assigning production costs to determine the unit cost. Actual revenue assigns the real cost of materials, labor, and overhead to ma
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
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State some contents of a partnership deed. Answer: A) Name of the firm.B) Name and complete address of the Partners.C) The date of formation and period of Partnership.D) Ratio in which gain or loss
Process Value Analysis: Tools and methods for studying processes via customer value analysis. Its objective is to recognize opportunities for lasting enhancement in the performance of an association. It offers an in-depth review of wo
The operating level at which the total sales revenue equals the total cost. Total sale revenue is equal to the price per unit times the number of units sold. Total cost equals total variable cost, the number of units sold in time the variable cost per unit and the tot
ACCOUNTING CONCEPTS: Presented below are basic accounting principles or concepts, with which hospital managers should be familiar and that they should understand i
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