Relevance-accounting information
What do you mean by the term relevance which is accounting information?
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Relevance: Management accounting information should have the capability to affect decisions. Unless this feature is present, there is really no point in generating the information. This signifies that the information must be targeted at the needs of the individual manager for whom it is being offered.
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
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.
A) A partnership may be formed either expressly or impliedly, and in each case all the circumstances should be examined in order to ascertain: The intention of the parties; Whether there has been a
Actual Cost: It is the amount (sum) determined on the basis of cost acquired involving standard cost appropriately adjusted for the applicable variance.
Variance: The rate, amount, extent, or degree of change, or the divergence from a preferred state or characteristic.
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