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.
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
What do you mean by the term provision of management accounting information?
Inter-Entity: A term meaning between or among distinct federal reporting entities. It generally refers to the activities or costs among two or more agencies, bureaus or departments.
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Corporate Tax: It is a levy placed on the gain of a firm, with different rates employed for various levels of gains. Corporate taxes are the taxes against profits earned by businesses throughout a given taxable period; they are usually applied to comp
What do you mean by Service: It is an intangible product or task rendered directly to a client or customer.
Traceability: The capability to assign a cost directly to a particular activity or cost object by identifying or observing particular resources used by the activity or cost object.
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
What are the Insurance premium in Arrears?
Accounts used in governmental accounting to record the budget amounts but not the actual amount. For example, at the beginning of the accounting period, the planned amount of tax revenue, revenue from license, and inflows from fines would be recorded as one amount in
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