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.
Avoidable Cost: The cost related with an activity which would not be acquired if the activity were not executed.
What do you mean by the term Understandability which is accounting information?
ACCOUNTING PROCESS: The process of Accounting involves the following steps: Q : Cash shortage/overage An income 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
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
Briefly list out the main users of the accounting information which are related to the business?
Describe the status of partnership from an accounting point of view? Answer: From an accounting point of view, partnership is a separate business entity. From legal
What is the various information that a manager need to make a decision?
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.
Briefly define the term Strategic management and also state the reason why it is designed?
Write a brief note on the things which Weaknesses comprises?
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