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.
Full-Absorption Costing: It is a technique of costing that assigns (or absorbs) all labor, material, and service or manufacturing facilities and support costs to products or another cost objects. The costs assigned comprise those which do and do not d
Variance: The rate, amount, extent, or degree of change, or the divergence from a preferred state or characteristic.
What do you mean by the term relevance which is accounting information?
How to make a VAT entry in books including set off?
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.
What do you mean by the term Comparability which is accounting information?
The process of testing a new software program using actual data and comparing the results to the alternative soft wares. The alternative can be new software or the organization's existing system. The test should be examined the software's accuracy and efficiency.
explain how the provision of management accounting information can assist the management of a company with planning, controlling, decision making and communicating
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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
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