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It can be defined as a system of accounting under which each departmental head is made responsible for the performance of his department.
under this system is made a SEMI-AUTONOMOUS profit center i.e.a center responsibel for the generation of profit.a department generates profit by "SELLING"its o/p to the other departements or profit centers in the same organisation.the prices at which one one department(or) profit center to the other departement or profit center may be fixed in any of the following ways:
1.MARK ON ACTUAL COST
2. MARK UP ON STANDARD COST
3.MARKET PRICE
4.NEGOTIATED PRICE.
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Accounting is ingrained in our society and it is vital to our economic system do you agree Explain?
Accounting - good or bad - is what makes or breaks a business. A good accounting system will provide the management with the tools to make profitable business decisions. Management, large or small, can see what's profitable and what's causing the business to lose money. A poor accounting system, whether it is sloppy or just plain illegal can ruin a business. Management will make poor decisions based on poor or non-existent accounting systems. Management sometimes chooses to use accounting for unethical motives. In either case, accounting IS ingrained in society and affects the economic system for better or worse. Accounting is vital because is a gauge that gives an indication of how well the economy is growing, the areas that need improvement and the areas that need to be improved.
What are the importance of corporate social responsibility in business?
to maintain an image of company towards society
Objectives and importance of management audit?
In today business world management play very important role for the success of failure of business. Management is the life blood of every organization. So if organization want to gain competitive advantage then it should improve their management efficiency and effectiveness. Followings are the objectives of management audit: Review of policies review of procedures review of methods performance appraisal job rotation Depend upon auditor mind or purpose of management audit
What are facts about business ethics?
Ethical behaviour and responsibility go far beyond the law and legislation on require that operations management acts for the common good.
What does the General Fund Enterprise Business System (GFEBS) provide the Army with?
GFEBS implementation involves _____ all financial management, accounting, and plant maintenance across the Army.
Why responsibility accounting is a fundamental part of the Management Accounting Control System MACS?
Responsibility accounting helps in the management accounting and the managerial control of a business. It fixes the responsibility of the individual performance and the operation results so that it is not a vague concept.
How does the cost accounting function assist in the management of a business?
the function of cost accounting is to provide management of differents acitivities in a business
Importance of accounting in business?
its just a bloody subject
What has the author Elwood L Miller written?
Elwood L. Miller has written: 'Accounting problems of multinational enterprises' -- subject(s): Accounting, International business enterprises 'Responsibility accounting and performance evaluations' -- subject(s): Accounting, Executives, International business enterprises, Rating of, Responsibility accounting
What are the purpose of management accountong?
The purpose of management or managerial accounting is to obtain financial information to help make business decisions. Another type of accounting is financial accounting.
What is the importance of the entity concept in accounting?
The importance of the entity concept in accounting is that you are able to determine the financial status of a business. The entity concept demands that the business and the owners should be treated as separate entities.
What is difference between management account and cost account?
Management accounting is use for internal accounting purpose of business management while cost accounting is use to find out the per unit cost of production.
Is management accounting halal?
The question religious in nature and has a very simple answer.Management accounting means the accounting of financial and other assets and liabilities for sufficing the needs of managers for the general purpose of Decision making.Now, is management accounting HALAL has a simple answer that if a pure business which is running on the lines of Islam needs management accounting or any other kind of accounting it is HALAL.Any operation related to a business which is forbidden by Islam is HIRAM, be it management accounting or something else.
Why would the internal parties of a business be interested in the accounting information of the business?
Internal parties of a business means the management of business, management prepare the budgets for the business, in other words we can say that management recognizes the future transaction and estimates the monitory effect of these transaction,But the management prepares the budgets, only for internal use for this purpose the management adopts a system which is called management accounting information system and that is why they are interested in Accounting Information system. Sheraz Mansoor Nawanshehr Abbottabad (sherazmansoor@gmail.com)
What are some examples of business management tools?
There are many examples of business management tools. Some good examples of business management tools are smart phones, planners, and accounting software.
Take Business Accounting To Prepare for A Human Resources Degree?
By taking courses in business accounting, you will be able to understand the different staffing requirements for most business structures. Every business department is affected by accounting. An appreciation of accounting procedures will help you understand the importance of the various levels of business staffing.
How does responsibility accounting system foster goal congruence?
Responsible accounting ensures that the business is accurately reporting their financial position. This supports congruence because they are transparent in their business dealings.
