Management accounting and financial accounting
What does the difference between management accounting and financial accounting suggest?
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Distinction between the management accounting and financial accounting advises that there are differences among the information requirements of managers and such of other users. Whilst differences unquestionably exist, there is as well a good deal of overlap between such requirements. For illustration, managers will, at times, be fascinated in receiving a chronological overview of business operations of the sort given to other users. Uniformly, the other users would be fascinated in receiving information associating to the future, like the planned level of gains and non-financial information.
A partnership is stated as ‘the relationship which subsists among persons carrying on business in common with a view togain or profit’
Indirect Cost: A cost which can’t be recognized particularly with or traced to a specified cost object in an economically feasible manner.
Write down the different techniques employed to liberate the function of management accounting?
Common Cost: It is the cost of resources used jointly in the production of two or more outputs and the cost can’t be directly traced to any one of those outcomes.
Cost Accounting Practice: Any disclosed or recognized accounting process or technique that is used for the measurement of cost, assignment of cost to cost objects and assignment of cost to accounting periods.
Variable Cost: A cost which differs with changes in the level of an activity, whenever the other factors are held constant. The cost of material treating to an activity, for illustration, differs according to the number of material de
Write a short note on the key areas which business objectives want to achieve?
Support Costs: Costs of activities are not directly related with the production. Typical illustrations are the costs of automation support, postage, communications, process engineering, and purchasing.
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Write down a short note on the influence of manager’s behavior in management accounting information?
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