a. Business decisions rely on certain characteristics which are based on intelligent and well-informed decisions. Explain in detail these characteristics. b. Classification of costs may be based on the information needs of management and their nature. Briefly explain the classification required for various purposes with appropriate examples.

a. Business decisions rely on certain characteristics which are based on intelligent and well-informed decisions. Explain in detail these characteristics. b. Classification of costs may be based on the information needs of management and their nature. Briefly explain the classification required for various purposes with appropriate examples.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Discuss The impact of applying an Activity-Based Costing System on the businesses' financial and managerial performance. Why is it considered better than the conventional costing systems? The discussion needs to be supported with logical reasoning, clarity, and relevant examples.
The ____ costing system is the most useful system for management in planning ang controlling business activities such as in the use of CVP analysis and inventories management. A. Absorption B. variable C. job order D. standard
Write a report about the relevance of managerial accounting in practical use.
please answer in detail, with three example
Describe the planning function of managerial accounting.
Which of the following is the principal reason for preparing managerial accounting reports? a.GAAP b.clarity c.usefulness to management d.cost of preparation
Classify the following activities as per value chain analysis: 1.Communication, pricing and channel management 2.Installation, repairs & replacement 3.Planning and management 4.Infrastruacture of the company
Explain the role of cost-variable-profit (CVB) in taking the business decisions with appropriate literature review
Which of the following statements about responsibility accounting are correct? Select one: a. Responsibility accounting systems differ widely across organizations. b. The structure for accumulating cost information generally mirrors the structure for accumulating responsibility center information. c. Responsibility accounting is the primary responsibility of accounting staff.
Which of the following is one of the difference between management accounting and cost accounting. Select one: O a. Management accounting is based on double entry system but not cost accounting b. Management accounting used for decision making but cost accounting used for cost ascertainment O c. Management accounting is limited for internal use whereas cost accounting for external use d. Management accounting is optional but cost accounting is mandatory
•Describe the role of management accounting in providing information to managers for decision making, planning and control. •Identify the nature of cost elements and their behaviour.
Discuss how managerial accounting information fulfills the following purposes. Give an exampleof a situation in which such is fulfilled.a. Profit measurementb. Guide for planningc. Standards for controllingd. Basis for decision making