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select the cost driversthis might also be termed to as independent explanatory or predictor variable a cost driver can be stated as any factor whose
state or select the dependent variable ywill the cer be employed to estimate price labor hours cost material cost or some other measure of cost will
steps of developing a cost estimating relationship firmly speaking a cer is not a quantitative method it is a framework for using suitable
steps making decisiontreea decision tree is a graphical representation of decision process indicating decision alternatives states of nature related
multi-stage decision making under risk the use of decision treessequencing is concerned with the selection of an appropriate sequence or order of
riskrisk includes circumstances or events that may or may not take place though whose probability of occurrence can be predicted from the past
decision making environmentthere are four main environments within that decisions can be done these arebull certaintybull
implementation of the decisionsonce alternative courses of action have been chosen they must be implemented as part of the budgeting procedure the
select appropriate alternative courses of actionin practice decision-making includes choosing among competing alternative courses of action and
illustration of short-term decisionsthese are to a significant extent determined by the excellence of the firms long-term decisions illustration of
gather data about alternativeswhen potential areas of activity are specified management must assess the potential growth rate of the activities the
the search for alternative courses of actionthe second stage of the decision-making model is a search for a range of possible courses of action or
organizing1 it is the establishment of the framework within which the required activities are to be performed and the designation of who should
controlcontrol includes a comparison of actual performance with the plan so that deviation from the plan can be identified and corrective action
planningplanning is the fundamental function of the management by means of which the managers decidewhat goals are to be accomplishedhow they will be
attributes of good information1 information is anything that is communicated and is sometimes said to be processed data it is data processed in such
management accounting 1 which is concerned with provision of information to people within the organization to help them make better decisions
definition of accountingaccounting is the procedure of recognizing measuring and communicating economic information to allow informed judgments and
general advantages and disadvantages of joint auditsadvantagesall work and fees are welcome to audit firmsan opportunity to closely inspect the
checking consolidation papersthe auditor pays particular attention to the calculation ofgoodwill arising on acquisition and
co-operative societiesan audit in this case is carried out as a normal audit except you should note that the auditor is appointed by the commissioner
advocatesthe statutory provision regulating the handling of clientrsquos monies is covered in the advocates actprinciple of the rulesto require a
pension fundspension funds are set up by companies or other organizationsa to administer the pension payable to retired employees andb ensure that
share and depositsshares may consist of subscription shares and paid up shares interest on shares might be credited to the accounts rather than being
banks under companies actbanks are incorporated under the companies act like any other business but are granted special privileges under the same