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.

Q: A very key concept in managerial accounting is how costs "behave", either fixed or variable. Once we…

A: Fixed Cost: These are costs that will remain the same irrespective of production or number of units…

Q: A responsibility accounting system utilizes and assigns costs on the basis of their a.…

A: With the use of a responsibility accounting system, performance and accountability may be evaluated…

Q: Much of managerial accounting information is based on: a, cost-benefit analysis b. profit…

A: Managerial Accounting is the branch of accounting that focuses on providing accounting information…

Q: Why do managers use a standard cost system to control business activities? a) Setting standards…

A: Standards represent the budgeted performance that the company expects to achieve in future. The…

Q: b. Classification of costs may be based on the information needs of management and their nature.…

A: Introduction: The term cost in accounting refers to the monetary worth of expenditures for natural…

Q: With the aid of relevant examples ,explainthe following management accounting concepts A.theory of…

A: Answer:- Management accounting meaning:- Accounting techniques such as managerial accounting, also…

Q: In which of the following centers are managers responsible for controlling costs and generating…

A: The question is asking to identify the type of center in an organization where the managers are…

Q: In service industries, what poses a unique challenge for cost management, requiring clear metrics…

A: In service industries, the unique challenge for cost management that requires clear metrics and key…

Q: When conducting a cost-volume-profit analysis determine where the most challenges for accountant…

A: Cost Volume Profit Analysis (CVP Analysis): This analysis is helpful in determining how any type of…

Q: Explain why knowledge of cost behavior is important for managerial decision making

A: Knowledge of cost behavior is important for managerial decision making because it helps managers to…

Q: The two dimensions of managerial accounting are:

A: Management accounting provides such financial information and resources for management and investors…