A corporation, also known as a limited company, is a legal entity that is separate and distinct from its members (shareholders). When a company is…

Closely regulated (For example, the Business Corporations Act requires all companies to file an annual report and also file any changes to the location of…

The term “management accounting”, as defined by the NAA in SMA Statement No. 1A, is used in its broadest sense and better relates to the…

Cost may be classified according to their relationship to production. This classification is closely related to the cost elements of a product (direct materials, direct…

Where a decision to pursue one alternative is made, the benefits of other options are foregone. Benefits lost from rejecting the next best alternative are…

The accumulation and classification of routine product cost data are very important and time-consuming tasks. Cost accumulation in general is the organized collection of cost…

Standard costs are those which should be incurred in a particular production process under normal conditions. Standard costing is usually concerned with per unit costs…

Relevant costs are expected future costs that differ among alternative courses of action and may be eliminated if some economic activity is changed or deleted….

Controllable costs are those which may be directly influenced by unit managers in a given time period. Noncontrollable costs are those costs which are not…

In the short run, it is advantageous for the firm to remain open as long as sufficient sales revenue can be generated to cover variable…