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.
Expense: The Outflow or other using up of resources or acquiring liabilities (or a combination of both), the advantages from which exert to an entity's operations for the present accounting period, however they do not expand to future
Describe Provisional Entries?
explain how the provision of management accounting information can assist the management of a company with planning, controlling, decision making and communicating
Job Order Costing: A technique of cost accounting which accrued costs for individual jobs or lots. A job might be a service or manufactured item, like the repair of tools or the treatment of a patient in the hospital.
Operating Budgets: It is a financial document which aids a business in making significant decisions regarding its actions. An operating budget does not contain instant impact on the actual state of the business and exhibits only future projections. Bu
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.
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
Describe the provision of 'Indian partnership Act 1932‘concerning sharing of profits in lack of any provision in partnership deed. Answer: In the lack of any p
Briefly illustrate the general role of accounting?
An account used in a partnership to record an individual partner's investment in the partnership plus the indi- vidual's share of any undistributed partnership income. In a corpo- ration, the equity sections have two parts: the contributed capital and retained earning
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