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.
Unit Cost: The cost of a chosen unit of a good or service. Illustrations comprise dollar cost perton, machine hour, labor hour, and department hour.
Three main elements of Partnership: A) Carrying on of a business: • A ‘business’ is any trade, occupation or pr
Describe Provisional Entries?
Partnership: Whenever two or more persons enter into an agreement to take on business and share its gain and losses, it is a condition of partnership. It can also define as: "Partnership is the relation among persons and who have granted to share the
Write some main features of partnership? Answer: Essential elements or major features of Partnership are as follows: A) Two or m
Trust Accounting: It is the "accounting of each and every item of income and expenditures which are employed to find out the amount that certain beneficiaries will obtain from the trust each year." Actually, it is equivalent to all the revenues receiv
Indirect Cost: A cost which can’t be recognized particularly with or traced to a specified cost object in an economically feasible manner.
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
Briefly describe the main purpose of the business?
Write a short note on the main working areas of the Finance department?
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