Performance evaluation and control-decision making process
Write down a short note on the Performance evaluation and control in decision making process?
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Performance evaluation and control: Management accounting information can assist in reviewing the performance of the business adjacent to agreed criteria. The non-financial indicators are rousingly employed to compute performance, all along with financial indicators. The controls require being in place to make sure that actual performance verifies to plan performance. The actual outcomes will, thus, be compared with plans to see whether the performance is better or inferior than predicted.
Cost Driver: Any factor which causes a modification in the cost of an action or output. For illustration, the quality of portions received by an activity, or the degree of complexity of tax returns to be evaluated by the IRS.
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
Outcome: The outcomes of a program activity as compared to its intended aims. Program outcomes might be computed in terms of service or product quality and quantity, customer satisfaction, and usefulness.
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.
A partnership is stated as ‘the relationship which subsists among persons carrying on business in common with a view togain or profit’
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.
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