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Explain Operating budgets
These budgets relate to the dissimilar activities or operation of a firm the number of such budgets depends upon the size and nature of business. The commonly used operating budget is:
Sales budget
Production budgets
Production cost budget
Purchase budget
Raw material budget
Labor budget
Plant utilization budget
Manufacturing expenses or works overhead budget
Administrative and selling expenses budget etc.
Advantages of standard costing 1) Measuring efficiency: standard costing is a yardstick for measuring efficiency. The comparison of actual costs with standard costs enables t
Explain performance budgeting according to seal and summers According to seal and summers performance budgeting comprises three elements: a) The result (final outcome)
The Rohr Company’s old equipment for making subassemblies is worn out. The company is considering two courses of action: (a) Completely replacing the old equipment with new equipme
Explain the Scope of cost accounting Scope of cost accounting: the scope of cost accounting is very wide and includes the following: 1 cost ascertainment: it deals with t
What are the Principles of management accounting? 1. The procedures and methods to be followed for keeping and analyzing financial statements should have consistency. It enable
What are the Objectives of budgetary control 1) Planning : planning is an important managerial function. it helps to decide in advance, what to do how to do it when to do it a
The firm's require holding cash may be attributed to the three motives specified below: The transaction motive The precautionary motive The speculative motive.
I need help making sure I did my accounting assignment correctly
the applicability of standard costing in modern manufacturing environments in volatile environments
You are required to provide a report of approx 500 words or less (excluding attachments and references), accompanied by relevant calculations, in MS Word, MS Excel and/or PDF forma
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