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.
Cost Assignment: A procedure which identifies costs with activities, outputs, or another cost objects. In a wide sense, costs can be assigned to activities, processes, products, organizational divisions, and services. There are three
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
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
Profit or Loss (P&L) Analysis: A financial statement which summarizes the revenues, costs and expenses acquired during a particular period of time - in general a fiscal quarter or year. Such records give information which exhibits the capability o
What do you mean by the term Comparability which is accounting information?
Explain the term bank reconciliation statement?
A) A partnership may be formed either expressly or impliedly, and in each case all the circumstances should be examined in order to ascertain: The intention of the parties; Whether there has been a
Three main elements of Partnership: A) Carrying on of a business: • A ‘business’ is any trade, occupation or pr
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
A form of long-term debt that appears in the liabilities section of the balance sheet. A company sells bond as a way to borrow large amount of cash. The buyer pays for the bond and receives regular interest payment, annually or semiannually, for the duration of
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