Define Opportunity Cost
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.
Cost Finding: Cost finding methods generate cost data by analytical or sampling techniques. Cost finding methods are suitable for certain type of costs, like indirect costs, items with costs underneath set thresholds in the programs,
Give a brief introduction of the term ‘Management Accounting’. And also write down its objectives?
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
Write a brief note on the things which Opportunities comprises?
Write down a short note on the benefit of economic in accounting management information?
Cost Object (also referred to as Cost Objective): It is an activity, item, or output whose cost is to be computed. In a wide sense, a cost object can be an organizational division, task, a function, product, service, or a customer.
explain how the provision of management accounting information can assist the management of a company with planning, controlling, decision making and communicating
Expenditure that increases the dollar amount of fixed assets on the balance sheet. These outlays either increase the value of assets already owned or add additional assets. The payments increase the future benefit of an asset by extending the life of the asset, increa
Full Cost: The sum of all costs needed by a cost object comprising the costs of activities executed by other entities in spite of of funding sources.
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
18,76,764
1925355 Asked
3,689
Active Tutors
1459647
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!