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Describe Benchmarking
It is the process of measuring products service or activities against the best level of performance which may be found either inside or outside the organizations. Developed organizations use combination of financial and non-financial bench marks rather than relying exclusively on other type. Upcoming companies use bench marking to adopt world class performance targets. Performance gaps are properly scrutinized and then concerted efforts are made to improve to achieve world class operations.
Bench making involves following important steps:
1. Selection of bench mark site,
2. Define bench mark question,
3. Gather information about bench mark, and
4. Determine and interpret performance gap.
Determine Cost pool and Cost drivers Cost pool: it is another name given to a cost centre and, therefore an activity cost centre may also be termed as an activity cost pool.
What is the Flexible budgets A flexible budget consists of a series of budgets for different level of activity. It therefore varies with the level of activity attained. A flex
One of the main deities of the financial manager is to keep a sound liquidity position for the firm hence the dues are settled as and while they mature. Separately from this the fi
i want to get the answer for exercises 2.1 and 2.2 on strategic and tactical decisions
areas where zero based budgeting can be effectively used?
meaning standard costing
any accounting concept brifely explen
Disadvantages of activity based costing 1) It is essentially not the panacea for all ills. 2) It absorbs a lot of resources. 3) Too much emphasis on customer viability c
In the current corporate world, this is a common practice of companies along with surplus cash to lend to another company for a short period generally ranging from 60 days to 180 d
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