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Explain the techniques of performance budgeting
It will also be useful to examine the three major aspects of this technique:
Structural aspects: the structural aspects involve the development of suitable classification of functions programmer and activities.
Analytical aspects: the analysis aspects of performance budgeting will identify the alternative programmer and activities on the basis of cost benefit analysis. Then the annual budgets can be prepared incarnating the activities on the basis of priorities
Information aspects: the informational aspects of performance budgets implementation of the budget control and appraisal of achievements.
Prisoner's Dilemma To understand the prisoner’s dilemma, let’s consider a story as follows: Two peoples are arrested for a crime. The police lack enough evidence to convict ei
Time sheets are collected in a batch, and the information is manually keyed into the system. This data is now stored on a magnetic disk. An editing program is run, which verifies w
Characteristics of cost reduction 1) Cost reduction must be real : said through increase in productivity change in product design improvement in technology etc. 2) Cost r
Decision Making Process Decision making is the process of choosing among alternatives. There are 7 steps that should be followed as shown in figure below: Figure:
How costs behave as the level of activity/volume changes. Why an understanding of cost behaviour is important ? Types Variable e.g. petrol, direct materials Fixed e.g.
Definition of Activities based costing Activity based costing is a system that focuses on activities as the fundamental cost objects and uses the costs of these activities as b
Problem Marginal costing plays a major role in making certain decisions. It provides information to management regarding the behaviour of costs and the incidence of such costs
Use of Budgetary controls Budgetary controls are used for the following reasons: 1) To state the objectives of the organization as a whole. 2) To reveal the extent by whi
Determine the The tools and techniques used in management accounting 1. Financial policy and accounting : every concern has to take a decision about the sources of raising fun
Controlling material flow Figure below outlines the progressive stages in purchasing, issuing and recording materials in a manufacturing concern. An efficient system of docume
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