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Cost Accounting
Budgeting and Appraisal Techniques [Quiz]
Q1. Choose the best statement regarding non-financial performance indication: a. it is short-sighted to consider that human resources might factor in as an indi
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Cost Accounting
What Are Relevant Costs – Meaning and Types
Relevant costs are those costs that will be incurred as a result of a decision and thus should be considered when making that decision. In cost accounting, rele
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Cost Accounting
Fixed Overhead Variances in Cost Accounting
Fixed overhead variance refers to the difference between the actual fixed production overheads and the absorbed fixed production overheads over a period of time
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Financial Accounting Concepts
When changes in accounting policies are permitted?
Though ‘consistency’ is a fundamental accounting assumption, it does not imply that accounting policies adopted once cannot be altered ever in the f
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Cost Accounting
What Are the Assumptions and Limitations of CVP Analysis?
Cost-Volume-Profit (CVP) analysis is a method for assessing the links between selling prices, total sales revenue, and the volume of production, expenses, and p
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Cost Accounting
What are non-manufacturing costs or period costs?
Period Costs Period costs, also referred to as nonmanufacturing costs, are expenses that a business incurs to maintain its operations but are not directly assoc
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Cost Accounting
Purpose of Financial Accounting, Cost Accounting, GAAP, and IFRS
Purpose of Financial Accounting 1. Providing information to investors and creditors: Financial accounting provides investors and creditors with information abou
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Financial Accounting Concepts
What are fundamental accounting principles?
Accounting is integral to any organization’s success, and fundamental accounting principles serve as a foundation for accurate financial reporting. Fundam
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Financial Accounting Concepts
Ethical Perspectives in the Accounting Profession
Accountants have a significant responsibility to the public. This responsibility exists because outside shareholders, creditors, employees, and others rely on f
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Financial Accounting Concepts
Key Users of Financial Statements for Decision-Making
Financial statements are an essential source of financial information for a wide range of users and decision-makers. These statements provide a comprehensive ov