Types of Responsibility Centers for Responsibility Accounting
Responsibility Accounting assists management in controlling costs and budgets. It concentrates on the cost drivers but not on who utilizes them or who is accountable…
Accounting
Process of Responsibility Accounting
Responsibility Accounting is a system of accounting in which specific individuals are assigned accounting responsibilities in specific areas of cost control. It is a concept…
Role of Responsibility Accounting
Responsibility accounting is a method of dividing an organization into similar units, each of which is to be assigned specific responsibilities. It is a type…
Concept of Material Cost Variance (MCV)
Material cost variation is the difference between the actual production volume and the real direct material cost as compared to the standard direct material cost.…
Uses of Social Accounting
Social accounting aids in understanding the economic structure of the body. It aids in understanding the structure of an economy and the relative importance of…
Types of Social Accounting
Social accounting refers to information about a company’s production, consumption, expenditure, and so on, and how it benefits the overall social environment. It is a…
Social Accounting – in organizations’ economic actions
The process of communicating the social and environmental consequences of organizations’ economic actions to specific interest groups within society and to society at large is…
Concept of Material Price Variance (MPV)
When the actual price paid for materials used in manufacturing differs from the normal price for the materials, this is referred to as a Material…
Saving-investment Identity – in National Income Accounting
The saving identity, also known as the saving-investment identity, is a concept in national income accounting that states that the amount saved in an economy…
Net Material Product (NMP)
During the Soviet era, Net Material Product (NMP) was the primary macroeconomic indicator used to track growth in socialist countries’ national accounts. These countries included…
Material Product System (MPS)
Material Systems refers to all internal computer systems, communications systems, embedded manufacturing systems, and facility infrastructure systems that are material to a person’s business, finances,…
Single-entry Bookkeeping
Single-entry bookkeeping, also known as single-entry accounting, is a bookkeeping method that relies on a one-sided accounting entry to keep financial records. It is a…
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