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Attributes of good information1) Information is anything that is communicated and is sometimes said to be processed data. It is data processed in such a way as to be of meaning to the person receiving it. Good information should have the following attribute:2) It must be relevant to a user’s requirements. For the communicator this requires the following:3) Recognizing the user: Information must be suited and sent to the right person i.e. the person who needs it to do his job.4) Getting the principle right: It is effective only when it helps the user to make decisions.
5) Getting the volume correct: Information must be complete for its purpose and should not omit any necessary item. It should be no greater in volume than the users would find helpful or be able to take in.6) It should be accurate in the user’s requirements i.e. must be accurate and error free.7) It must inspire the user’s confidence i.e. information must not give the user any reason to distrust it, disbelieve it or avoid it by making sure the information is neutral.8) It must be timely: The information must be readily available within the time period which makes it useful. It must be at the right position at the right time.9) It should be properly communicated: Information will misplace its value if it is not clearly communicated to the users in a suitable format and through a suitable medium.10) It must be cost effective: Good information should not cost more than it’s worth. Gathering, storing, retrieving and communicating an item of information may require expenses in form of time, energy and resources. If the expense is greater than the potential value of the item, then it should not be communicated.
Engineering method These methods are based on the use of engineering analysis of technological relationship between inputs and outputs e.g. method studies and time and motion s
Review the roles of management accounting within a company. 1.What is the most important role of management accounting? 2.How is that different than financial accounting? 3.What is
chapter 5 solution
Importance of a budget A Budget is a plan expressed in monetary terms. It is prepared prior to the budget period and may show income, expenses and the capital to be used i.e. a
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Define Materials cost variance Material cost variance (MCV) is the difference between the standard cost of material specified and the actual cost of materials used." It is the
what do you debit and what do you credit in adjusting entry for prepaid rent?
Risk seeking: A risk seeker is a decision maker who is concerned in the best likely outcome no matter how small the chance that they might take place i.e. he takes high risks
Conduct a time series analysis base on the three years accounting ratios
Rate of return or target pricing method Under this method of price determination first of all a rate of return desired by the enterprises on the amount of profit capital inves
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