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.
Standard Costing: A costing technique which joins costs to cost objects based on reasonable approximations or cost studies and by the means of budgeted rates instead of according to actual costs incurred. The predictable cost of gener
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
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.
Differential Cost: The cost difference predicted when one course of action is adopted rather than others.
An income statement item that represents the difference between the actual cash amount and an accounting measure of how much cash there should be. The most common example exists in a retail situation where the cash in the cash register is compared to the register tape
A company has production facilities in several countries. Some of the products they sell are produced in stages (Raw Materials -> Pre-Assembly -> Assembly -> Finished Product) based on the technologies and materials involved (see Table 1). Q : Influence of managers Write down a short note on the influence of manager’s behavior in management accounting information?
Write down a short note on the influence of manager’s behavior in management accounting information?
In the deficiency of a partnership deed, how are mutual relations of partners managed? Answer: In the absence of Partnership deed, the mutual relations are managed b
Common Cost: It is the cost of resources used jointly in the production of two or more outputs and the cost can’t be directly traced to any one of those outcomes.
Write down a brief note on the illustrations of unethical and unacceptable actions?
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